Potential Reasons for Business Failure

[Mika]

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According to study, more than 50 percent business fail within the first year, 25 percent of the remaining fail within the second year, and only 5 percent manage to survive more than 5 years. There are many reasons for business failure. Some of the common issues are related to your product quality, lack of proper marketing, poor marketing, having inefficient people in the team, not enough work in the production and development department, etc. A successful business requires a good product, effective marketing, and a strong team. If you want to become successful in your business venture you need all of these things.

 

[Highs]

Sometimes the continuity of a business is determined when it gets started and it happens in the first year. Business don't just fail. You see the symptoms like when a human is sick. There are things you shouldn't try in your business else you are writing to failure. Selling substandard product for an outrageous price, poor marketing, poor customer service and amateur workers from top to bottom. This can lead to the failure of your business in a year or less. If you intend having a sustainable business, you should make a clear plan and make sure you effect everything thing as planned.