Business vary across different industries, however, they operate to succeed. Let's begin with two things that makes a business; employees (either 1,100 or 1,000) and Capital. No business will succeed without the right employees (either management or non-management), neither would any business stay alive without the sufficient capital (cash flow).
I agree with ACMair, although management are held accountable, yet they are part of employees in general. A CEO could have bright visions for the company, but if the lower employee lack the enthusiasm and drive, then that vision won't work causing the business to fail. In other words, what makes a company to succeed, breaks the company and they fail.
Last edited by Manny4life; 07-05-2009 at 01:08 AM.
Business fail for several reason. But why talk about failing, because by talking about it...you think failure and by thinking you believe and it become your reality.
But besides that, business fail because of lack of persistent, focus, commitment, positive thinking, limiting belief system etc.
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many many businesses fail because of lack of capital for advertising. Don't rush your start up. Be patient, save money, and hit the advertising hard and cleverly.
Lack of financial knowledge is a real killer in business, i am an accountant and the level of knowledge among the majority of my clients is appalling.
Taxes are also a big one particularly for the new business,
I believe it is largely due to poor budgetting, whether over or under budgetting.
Fail to Plan..
Plan to Fail..
I believe why most business "Fail" is because of lack of Mentorship. Also your not an business man if your afraid of failure...again Mentorship plays a role here. People with Ego's will never make it in business you have to learn to be in total submission (sub-mission: under the same mission) of some one who wants you to succeed. Franchising is a great concept. I worked for Long John Silvers for 4 years and the owner was very smart about business. He learned from Long John Silvers Head Quarters. Now he owns several LJS and owns a lot of properity.
I always humble my self to sit at the feet of other people and soke up that knowledge as best I can.
Formal education will make you a living, Self education will make you a fortune. - Jim Rohn
Lack of advertising is one reason I believe many businesses fail. How can you sell a product no one knows about. Another reason I think many businesses fail is the fact that they are not catering to their customers. People go somewhere for specific reasons you want to make your businesses the place for a particular product or service. As long as you get customers and hold on to them build from them etc your business will thrive.
Only 18 percent of small are forced to close the door with a loss of creditors. The rest close voluntarily or stay open. The once that close voluntarily usually because the market is dieing or they just don't wont to do the business anymore
There are lots of reasons are working behind the success of business like management,right franchise etc.
So you have to consider this top most two reason while doing your business.
If he can do it so can i<Thats what they think and know nothing about business and they go ahead and open a business thats like a discount store and then think they can beat Wal-mart. Ha! Ok pretty much Target and Wal-Mart own the discount business. Now go ahead a think about how Technology is going to help you or Hurt you and look in which way its heading and try to use it to your advantage.
The ones who fail, they fail to think
~On The Road To Rags 2 Riches
~Started Out Hustlin, Ended Up Day Trading
I havent read all post, but... id like to contribute and say: the people
having the wrong people in the wrong places/jobs
having people in a position as theyre a good friend, even though theyre under performing
having read the book "execution: the discipline of getting things done" linking people - stratergy - operations can be a trciky process i advide this book as a solid read!