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Enterpreneurs Fail ? WRONG CHOICE OF BUSINESS Choose the wrong business idea running away it is perhaps the very first business mistake entrepreneurs make. 1 People push into successful ideas they hear about or ideas that are making money without doing 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 along those lines. But the point is, time and time 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 LACK OR INADEQUATE EXPERIENCE If you've never been there before it is difficult to know what potential business threatening mistakes or obstacles stand in your way. Lack of experience both in their specific niche and in running a business can be potential banana skin for entrepreneurs and potentially lead to their failure of their venture. 3 Skill Experience LACK OF PASSION !! 4 5 If there was never one quality needed more than any other for an entrepreneurto be successful its passion. Passion is what drives entrepreneurs to succeed and go on when all seems lost. Without, that passion one's entrepreurial journey is destined to end in failure. MANY BUSINESS AT THE SAME TIME An entrepreneur's inability to focus on one business can usually lead to their downfall. These types of entrepreneurs have the tendency to jump from one idea to another causing 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 ideas and how they will pack in their day job for a crack at an idea in a saturated market or market that has some senior 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. 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 possible 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. 7 NO MENTORS NO ADVISORS 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. 8 Building a successful business is every entrepreneur's goal. At the core of any successful business are two things: a good product and a large market for that product. TheGongzuo is that platform where a startup is able to scale. With TheGongzuo at your service ideators or emerging entrepreneur no longer have to struggle in order to get the right guidance and support for their ideas, products or projects. THE GONGZUO


shared by thegongzuo on Jul 24
Ignoring the importance of a business plan and not carrying out a feasibility study is one of those things that revert back in a negative way to entrepreneurs in the long run. For more information vis...


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