An Entrepreneurs Journey To Failure – The 9 Killer Mistakes

Why Entrepreneurs Fail – The 9 Killer Mistakes WRONG CHOICE OF BUSINESS Choosing the wrong business idea and running away with it is perhaps the very first business mistake entrepreneurs make. People rush into successful ideas they hear about or ideas that are making money without doing the relevant research on the viability of the idea and whether it is best for them. NO OR INADEQUATE BUSINESS PLAN You know how the saying goes "fail to plan, plan to fail" or something a long those lines. But the point is, time and time 2 again entrepreneurs go into business and launch their products/services with little planning or without a business plan all together. Ignoring the importance of a business plan or not carrying out a feasibility study is one of those things that comes back to bite entrepreneurs in the long run FAIL TO PLAN PLAN TO FAIL of 3 LACK OR INADEQUATE EXPERIENCE If you've never been there before it is difficult to know EXPERIE NCE what potential business threatening mistakes or obstacles stand in your way. Lack of experience both in their specific REQUIR ED niche and in running a business, can be a potential banana skin for entrepreneurs and potentially lead to the failure of their venture. 5 LACK OF PASSION If there was ever one quality needed more than any other for an entrepreneur to be successful it's passion. Passion is what MANY BUSINESSES AT THE SAME TIME drives entrepreneurs to succeed and go An entrepreneur's inability to focus on one business can on when all seemslost. Without that usually lead to their downfall. These types of entrepreneurs passion, one's entrepreneurial journey is have the tendency to jump from one idea to another causing destined to end in failure. lack of focus and half-hearted approach to their business, which can ultimately lead to their failure. COMPETITION Have you ever heard someone talk about their business idea and how they will pack in their day job for a crack at an idea in a saturated market or a market that has some serious players that will not shift easily ? Time and time again I see entrepreneurs trying to going into difficult and saturated markets without the necessary capital and expertise to overcome those competitors. 7, 区 POOR CUSTOMER SERVICE Having an amazing customer service is absolutely paramount for entrepreneurs to survive and for their businesses to succeed. An entrepreneur will find it almost impossible to overcome a bad reputation, which comes as a result of bad customer treatment. Word of mouth spreads like wildfire and entrepreneurs with bad reputation almost never last. NO MENTORS OR ADVISORS 8. Entrepreneurs should avoid going at it alone as much as possible. Simply talking to people with business experience or getting advice from someone that has been through it all and has made mistakes can be invaluable. Entrepreneurs can avoid costly business mistakes through the guidance of mentors and experienced advisors. CHARGING TOO LITTLE When many entrepreneurs go into business their first and main objective is to stay afloat and keep their necks above water by competing on price. This misconception that price is the only way to gain competitive advantage is many entrepreneurs downfall. This Type of strategy might work in the short term but can lead to cash flow problems and even business failure in the long term.