How many started a business and failed?

**exitmenu** · 10-10-2007 05:06 PM

How many started a business and failed? Why did you fail? What type of business?

**radreality** · 10-10-2007 05:34 PM

Audio company: profitable, but was no longer interested in developing it further.

Dating Website: lacked funds to market correctly

Business Opportunity: decided to exit due to negative mindset about industry and thought my time was better spent elsewhere

Custom Blanket Company: didn't pass business feasibility study

I think thats all of the failed businesses. I've kind of lost track over the years, lol.

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Robert Falk
Business Developer / Investor
Self Help & Success Forum

**aleish** · 10-10-2007 06:33 PM

I think first timers do fail in their business and the major reason is lack in planning.

**radreality** · 10-10-2007 07:03 PM

Originally Posted by aleish

I think first timers do fail in their business and the major reason is lack in planning.

it has nothing to do with first timers. Its a matter of those who try various things. If you have never failed, then you haven't tried very hard.

I'm reminded of a recent article that touches on this subject: Raise The Bar

But I do agree with you that it mainly has to do with lack of planning and business knowledge. But you also won't know if something is possible without starting the planning process.

Most of my failed businesses were still in the planning stages. So many wouldn't consider those businesses yet, but I'm secure enough to say that they were failures, just because there is nothing wrong with failing (as long as you learned something from it).

But you also didn't pay attention to what the thread starter was asking. They weren't asking for your opinion about others, he was asking for your experiences.

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Robert Falk
Business Developer / Investor
Self Help & Success Forum

**richkid** · 10-10-2007 07:12 PM

Online golf reservation website: lack of funding and planning. And a dodgy indian development company.

**ltressel** · 10-10-2007 07:14 PM

a beeper service/retail company. failed because cellular phones killed the technology and lack of subscribers.

**schumi** · 10-10-2007 10:40 PM

100RMB,lost interesting and lack of time,web marketing.

**Creadiv** · 10-11-2007 09:30 AM

None yet, my current company is something that is simply a part time venture for me. I plan on making it more later in my life, but for now I need the stability of a full time job.

I have another venture that I plan to launch by January, 1 2009. I am building it now and plan to spend the next year completing the rest of my business plan to get it up and running succesfully.

But failing is a part of success, I am sure that in order for my ventures to succeed I will fail to accomplish goals along the way. But unless I do I will not be able to adapt my plans and work harder to accomplish what I set out to do and that is to make a succesful business.

**dfveteran** · 10-11-2007 12:36 PM

My first try at drop shipping failed, because I used a company similar to Doba. It was a lesson well learned a long time ago.

Some important ways people can make sure they don't fail is;

"Lots of research"
&
"Listen to someone that has, been there, done that, already. Especially what they did wrong."

One of the best ways you can avoid failure is to learn what not to do.

**dreamer4ever** · 10-11-2007 01:06 PM

My team and I failed at RediRipe, because our visions weren't aligned especially with the inventor. He needed us we needed him but in the end he just didn't trust us enough. I suggest if you are ever in a similar situation prove you are trust worthy through continuous communication and updates because engineers are many time weary of business men.

Do you think a business plan is the best way to avoid failing because the lack of planning?

**radreality** · 10-11-2007 01:26 PM

Originally Posted by dreamer4ever

Do you think a business plan is the best way to avoid failing because the lack of planning?

a business plan won't eliminate a lack of planning, but it will help. One thing a lot of people over look is a business feasibility study which will help you see if the venture is even possible, despite the level of planning.

A lot of planning needs to be done for the business, but also needs to be done for yourself. You could have the greatest business idea, the funds, and planning to make it happen, but if you lack the characteristics of an entrepreneur then you are fighting an up hill battle.

______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

**Finandom** · 10-16-2007 07:49 PM

I failed in 1 business. I failed because I target the wrong market. In fact, I start a business that I'm not expert and interest in. So I don't have the passion and desire to move on. This is a business that sells security products.

Anyway, from the failure, I know my passion and quickly start another business in it and it was run until today.