Causes of Failure In Doing Business

Causes of Failure In Doing Business

Do you know, about 80 percent of people who are just starting a business failed. The causes are apparently more due to internal factors rather than external.

If you failed, you may have done some of the factors that led to the failure. Of them are the following:

1. You may not know the market situation. In the business, determining the targeted market is very important. How do you want to market your products while you yourself are still confused to find the real and appropriate market. For example, you offer fan products to people who are in need of air conditioning. Remember, it is better to provide something that is needed by the market rather than imposing your product to be accepted by the market.

2. Uncompleted planning. To reach the target market, you would have to make careful and complete planning. Conduct surveys and research on your target market and find the position of your product, and do financial management planning. Do not forget to include the estimated cost and time, all the problems that may be encountered, and make prediction of how to solve them. After careful planning, carried it out on lanes. Uncompleted planning resulted in many unpredicted things come. If you suddenly change the lanes, then most likely you will lose money.

3.Too happy. New businessmen who have not honed their mental will usually be too confident and satisfied with the temporary gaining. Do not forget that the business is being built for the long period instead of short period. Continue to run your business according to the plans made. Read on market situation and do not be hastily in making new decisions so as you may get the success in business.
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