#byAspodo | 1300+ Words - 7 Minutes Read Time.
Introduction
Have you ever wondered why do most Businesses fail? Well, you’re in the right place. In this Blog Article, I will show you the top 5 reasons why most businesses fail. Before jumping into the top 5 list, I want to talk about business with you. What is a Business? What is the meaning of Business? Well, guys let me tell you something. First, don’t think it will be easy if you want to start a business! Don’t listen to influencers online saying that it’s easy because it’s not!
Now what’s the difference between running your own Business and being your own boss Versus Working for somebody else? Well, running a business involves a million steps and a lot of careful attention to it. If you’re working for someone else you don’t gotta worry about anything, you begin at 9 AM and cease at 5 PM. But if you’re a business owner, you have to pay attention to your business 24/7! (Check out the Pros and Cons of Owning a Business).
So now that we talked a little about business and some of the Pros and Cons, let’s see in more detail why do most businesses fail.
1. Sales
The number one priority for any business is Sales. No business has ever succeeded without sales. In business, sales are important because this is how you get the revenue to keep your business afloat. You have to be good and have knowledge of your product/service to sell to others who know nothing about your product/service. Imagine you own a Restaurant, a customer comes in but they don’t like anything and they wanna leave cause they don’t find anything tasty.
Now you as the Restaurant owner want them to buy something. So you have to tell them that your product is one of the best, it’s really good and many people who come here buy it and it’s very tasty, it comes in various flavors and you’re gonna love it. In another way, you have to do everything it takes to convince the customer to buy the product.
Have you ever heard that quote that says? “Customer is always right.”? Well, that’s not true at all. Most of the time they’re not. But even if the customer is wrong you can’t say to him/her that you’re wrong. Because they would find it rude(And it is). You have to correct and agree with him/her at the same time. This way you keep the customer happy and they’re more likely to buy something.
Know nothing about sales or you’re too bad at sales and you don’t know how to speak well? Click this link for the top 12 best sales Books.
2. Marketing
Marketing and Sakes are brother and sisters. Yep, that’s right. Sales without Marketing is the same as a car with no wheels. Now unless you own a big company like Facebook, Google, or Amazon You will die if you don’t spend time, money, and smart tactics on Marketing. Marketing is the key to getting people to know about you or your business. You don’t even need sales tactics if you don’t know marketing.
Being good at marketing secures you a place in your industry and helps you attract new visitors. Paying attention to what people want, when do they want it and where do they want it, is crucial for marketing. Delivering the right Ads to those who want and are interested in your product will boost your sales quickly. Placing the right Billboard at the right time and in the right place is another way to get people to know about your business. Consider also talking to other business owners for advice as they will certainly help you.
If you’re interested in Marketing and wanna learn it, you have to be smart mentally. Some things can’t be taught, Marketing is one of them. You can go to college or read so many books but it won’t help, it will only give you some advice. You have to have your own ideas and tactics for marketing, in another way you’re either born with marketing stick in your mind or you’re not. Simple.
3. Preparation
If you’re just starting a business or thinking about starting one, this one is momentous. Before you get into the business world, have you done all the homework? Did you study and prepare your business plan? Did you analyze your competitors and the good and bad things that they have? You should be prepared and have all the right tools ready, complete all the needed tasks, and have everything under control.
4. Effort
Then it’s Effort. You have to work hard(Like really hard), Starting a business it’s not as easy as the others tell you. It’s hard and requires 24/7 attention to it. This is another reason why most people quit their business, it’s because it’s hard, you have to feed it, just like a child, and if you don’t feed it it will die.
A good example is Elon Musk. You may see him now and say that he’s so rich and can do whatever he wants and he has an amazing life, but you don’t see the behind-the-scenes. If you’ve seen a couple of Elon’s Interviews you’ll see that he worked 100+ hours a week, and slept for 2-3 hours a day in his office (So not at home). He was so poor that he couldn’t afford both a home and an office so he just slept on the floor at his office. Was just a few days ahead before going bankrupt and was fired from his own company that he started! So what I mean by that is that it’s not as easy as it seems, that’s because all the business problems fall into your shoulders.
5. Brain
Number 5 is brain. You gotta be smart, Business is for smart people not for those who can’t get two words connected. It’s not how much you work, it’s how much you put on the table. You can work more than 100 hours per week, but if you’re just walking around and making foolish decisions then it’s game over, always remember, “Before making any decision, consider it, analyze it and is there profit to be made?”.
But what is exactly considered smart? Well being smart means using 100% of your brain, knowing which deal to take and which one not to take. Knowing the best marketing & sales tactics, reading people In their eyes, and telling the difference between lies & truths. This is something that not everyone has, learning it(Not possible), you can improve it but not learn it.
You should also consider that business is a thing which it’s hard and you can’t learn it. If you wanna create a business and be an Entrepreneur, you have to think and act like an Entrepreneur. You are either born as an Entrepreneur or not, going watching videos on YouTube on how to think, act, and be an Entrepreneur is not gonna help, it’s the opposite.
Conclusion
In Conclusion, you have to be good a little bit at everything to make a business circulate. Everything mentioned in this article is crucial for most businesses. Running/owning a business is the same as most Sports today. Example: If you like football but you’re only good at shooting then it’s not gonna get you anywhere. you have to be good a little bit at everything to be good at it. Simple Right?
So now that you’ve seen some things that you need to know before starting a business and you think you’re ready to start your business journey, that’s great. We’re really excited to see new Entrepreneurs poping out! New entrepreneurs who have their own ideas, have a point that they wanna achieve, and they can achieve that point if they focus on it and let no one and nobody step in the way.
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