Joylin, a skilled and gifted horticulturist wanted to start her own florist and landscaping business.
She had been in the horticulture industry for 10 years and was incredibly skilled at working with flowers and plants – one of the best. She also had great design skills, as well as good customer service skills. But she had little business management experience and less self employment experience.
Discovering why small businesses fail was a smart research project for her, as it helped her uncover her own weaknesses and begin to build up some strength before she invested in becoming self-employed. It’s no secret that many small businesses fail in the first five years. The question is: Why do they fail and what can be done to prevent problems.
There are some of the common reasons why small businesses fail. Here are 15 top reasons, which might help you to determine why your business isn’t growing and thriving. Some of them are related to learnable business skills; others relate to personal attitudes, habits, or self-sabotaging belief, which are not so easy to change, except through coaching or other self-development work.
Lack of Focus
The great Albert Einstein notably stated;“genius is the ability to focus on one particular thing for a long time without losing concentration.”
Such is not the case for the entrepreneur heading for doom. In fact, the exact opposite is the case; trying to do more than one thing at a time eventually not achieving excellence in any. As an entrepreneur your success or failure will be as a result of how well you maximize your strengths. Your strengths are those activities you naturally enjoy doing and would naturally do for free your entire life if necessary. This is how every great entrepreneur in history made their success; doing what they love and loving what they do.
This story is from the August 2017 edition of The Observer of Management Education.
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This story is from the August 2017 edition of The Observer of Management Education.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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