by admin | Jul 3, 2015 | Uncategorized
Six Big reasons why small business fails !!! Small businesses are one of the major contributors to fuel-up economy of any country but sporadically faces pitfalls. Unfortunately, lack of direction and sometimes inexperience surface similar stories of either struggle to survive, if not fail. Based on the market feedback, the following are commonly blamed areas where small businesses should put their best mitigation efforts to become one of the success story. 1. Lack of Market study/analysis “A person with a new idea is a crank until the idea succeeds”, Mark Twain The fundamental flaw behind any idea is lack of research, market analysis, no or little knowledge of competitors, fail to assess strengths or steps needed to overcome weakness, are just a few which are ignored in the beginning of the venture. Remember, the business owner is going to take head on against more experienced market foes. A well thought SWOT analysis is the first step towards the right direction. 2.Skills assessment- over ambitious or non-utilizing strengths The business owner should do an honest self-assessment and make a list of their personality traits, experience and qualification. Yes, any business can take-on any kind of challenges, but don’t get over swamped in the very beginning rather prioritize tasks to achieve greater mileage in the long run. On the contrary, never underutilize what the business owner is good at with. This is a slippery slope where it is so easy to trap into disillusions of achieving targets or objectives. 3.Owner lacks key skills Many business owners have a good grasp of their own area of operation, but not possibly can be good...