Failures in Business
So you have a business idea that you know is so cool and you want to start and it can fetch you a lot of income or at least enough income to make a living for yourself but you are having troubles starting it because of some reasons? You are in the right place.
Here are some reasons that some businesses fail before they even get started and how to overcome those problems.
Three (3) Reasons why Businesses Fail
1. Over planning: There is no doubt that planning is a very important step in starting a business if not the most important. Like Benjamin Franklin said,“If you fail to plan, you are planning to fail!”.
But over planning can lead to failed businesses or it can cause businesses not to get started at all. This is because , when you over plan, doubts start building in your mind and you start asking yourself some questions like;
Do I have what it takes to make it?
Is this plan going to work at all?
And many more…..
You have done your research and have read somewhere that starting that particular business is the best thing you can do and you also have read in another place that it is IMPOSSIBLE to make a living off that business and the above questions start running through your mind.
How to overcome this problem
If you want to overcome these problems, you have to do the following.
- Answer the above questions with a big YES
- Focus on positivity.
- Remember that businesses didn’t just come into existence from nothing, someone somewhere started it and you can still hear about a particular business because someone has made a living from it. If the business is not in existence as of when you want to start it, congratulate yourself, you are about to go into history books for being the person that started it.
- Tell yourself that “if nobody has ever made it from this business, I will be the first”.
Read also: Benefits Of Blogging
2. Inadequate Research: Research is the backbone of all businesses. Any business started without research is already half way into the failure pit and all intending business men/women should have this at the back of their minds. The term “research” simply put is the process of gathering information on a particular thing, subject or topic in other to improve it, start a new brand, etc.
How to overcome this problem
You can always do your research by yourself but if you are not good at it or for some other reasons you can’t, you can always hire someone to do it for you (Don’t have funds to do that?) Don’t worry. There are always students or even professionals around you who will be delighted to do it for you for free. Just remember to ask nicely and say “thank you” afterwards.
In my little effort to show you how important research is, I have summarized its importance in a few phrases thus;
If you want to start a new business, Research.
If you want to improve your existing business, Research.
Research can help you in determining the type of business you can do in an environment, what you need to start the business, how you can go about conducting the business, how you can get customers, how you can keep your customers happy and coming back (for online business, click here)
You can also see my post on Internet Marketing.
Research can be done by;
- Reading free articles online from blogs, Wikipedia, wikihow, and some other websites who are willing to let you use what you get from their sites for free (positively of course).
- Reading books from open libraries ( the ones you don’t pay to use)
- Getting and reading books from friends.
- Carrying out surveys
- Attending business related seminars.
Those research methods I mentioned above are free methods. Of course you can always pay a professional to research for you, buy books or choose from many enormous ways of doing paid research.
3. Low self esteem: Having low self esteem is bad for business. Any business man or woman needs to trust in their abilities to start up a business, manage it and succeed doing the business. Low self esteem is just saying to yourself that “this business is out of my league” or “someone like me cannot possibly make it”. YES you can.
How to overcome this problem
Find motivation through
- reading success stories of other business men/women,
- having mentors and most of all,
- believing that there is no limit to what you can achieve in life. Always believe that if anyone can make it in the business of your choice, it is you. And if there is only one person in the world that can make that business dream come true, it is still you.
The three reasons above can kill your business or business desire before it even gets started. Follow their solutions and you will become a successful business man/woman in no time.
If you have read articles online, you will discover that many people say that you cannot make a living from many professions such as blogging. Some people stumbled upon those articles and gave up their desires to be professional bloggers or blog for money. Thant is bad because there are at least 6 out of every 10 bloggers that do have any other job apart from blogging and still make a decent living off it.
- Do not let anybody tell you that you cannot make a living from your business ideas no matter how convincing they may sound. Listen to them and take their negativity for possible disadvantages and work on eliminating them if you know they are a real threat to the survival of your business.
- Always have confidence in yourself and your ideas.
- Plan but don’t let the planning be a reason why you cannot start a successful business.
- Doubts are bound to come but don’t let them weigh you down. It is a normal thing. The only thing abnormal about it is giving up when doubts arrive.
- You may fail in a business or two but as John Cena always says, “NEVER GIVE UP”.
I hope this article helps you in starting a business. If you already have one, congratulations, you can learn a thing or two from it to grow your existing business also.
This blog was created to be of help to others and believe, I am also learning from it.
Please don’t forget to leave a comment below.