Top 10 Reasons Why Businesses Failed, Every Time!

I got from a business group that I joined. It's a valuable life lesson that entrepreneurs must know.

1. Be a loan guarantor for friends or relatives

Very bad for your credit rating when they don't service their loans properly. You can never control them. When your biz is just about to thrive, you get court orders.

2. Be in other people's dreams

You are so passionate about your friends' dreams & vision. Not putting enough energy for your own business. They seek your presence when you're busy, yet you're incapable of saying NO.

3. A single supplier for services, products or technology

Anything can happen to the supplier. They might close business or stop supplying for many reasons. A single source can be evil when you're about to hit a huge account.

4. Not monitoring your company's financial health

You rely this matter a 100% on your partner or employees. Something horrible WILL happen without your knowledge. You'll only know it when that something hit the fan

5. Doing More Management Than Marketing

If your prior background is from admin, R&D, tech, HR, production, operations, this WILL HAPPEN if you're not mindful enough. Not enough marketing NOW, means not enough income SOON.

6. Starting a business that is hot & trendy

You start the same business that your friends are doing because they're making money, even though you know next to nothing about it.

7. Start another business too early

Starting a new another business is the ultimate recipe for disaster when you just started a business. Partners can distract you & divert resources with their great new biz ideas.

8. Hiring staff for their aptitude but not their attitude

Skillful and knowledgeable staff are great until their horrid attitudes start to appear. Very weak hiring selection will cost you very dearly and mega headaches to top it.

9. Poor communication skills

You have products that could be hot. You're not sending the right message to the market. You have no USP, or you're using a copycat USP.

10. Not having the right biz psyche & attitude

If you're a pessimist, angry or frustrated person, your mouth will blurt out matching words to prospects. Your authentic feeling will appear even on your face. Faking is futile.

Avoid at all cost or Test Drive at your own risk. I've hit 9 of 10 from this list except no 1. I will never be a guarantor for other people.

A share would be, Sublime.

Hi, I'm Edwin

I'm a multilayer Marketer + Designer that helps businesses get more leads. My core skills are web design, SEO and Copywriting. I work at Web Design, Laman7

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