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[rush08]

If you are starting a business you may be wondering how many businesses fail either in the short term or long term run. About 20% of small businesses fail within their first year.
Some of the reasons why businesses fail include.
---- Not having an effective business plan. If you do not have an effective business plan, you can not properly communicate your vision to your team.

---- Not putting the customers first. One of the reasons why businesses fail is that they fall in love with their products instead of their customers. To circumvent business failure, fall in love with your clients and find a way to meet their needs.
---- Not hiring the right people. Hiring the right people has a massive effect on nearly every area of your business.

 

[Wisdom01]

One reason why so many businesses fail is because they fail to recruit the right people for the position they advertised.
Many times employment are not based on merit but on favouritism and it is not helping the business...

Yeah some business fails , because they actually fails to employ the right person ,they are lacking in different areas and for more development to happen ,the business have to up in different ways ,they have to set up modalities that would so build the business

 

[rush08]

Yeah some business fails , because they actually fails to employ the right person ,they are lacking in different areas and for more development to happen ,the business have to up in different ways ,they have to set up modalities that would so build the business

Financial mismanagement and misappropriation are major reason why many businesses do not survive the early stage of their existence. Most of the management team are not trained to manage finance, so they spend recklessly thereby endangering the business.....

 

[Franca01]

One reason why so many businesses fail is because they fail to recruit the right people for the position they advertised.
Many times employment are not based on merit but on favouritism and it is not helping the business...

Yeah, sometimes employing the right people always contribute to the successful of your business and many people just always make their employment based on favouritism, family and friends which can equally lead to the down fall of your businesss.

 

[rush08]

I think what can makes a business fail is the absence of planning or even if there is planning if the implementation is bad it still won't work well. Another example is the indiscipline of staff employees or even us as managers in implementing existing plans, it can also plunge the business into a bad direction rather than a good direction. I think every company has a meeting at the beginning of the year to put together a plan of what the company wants to achieve. Good planning will tell you how and in what direction your business will run. So if you have problems in front of you, you already know how to properly overcome them. .

Yes bad implementation can cause a business to fail . No matter how good a business plan is, if the implementation are not good, it could lead to the failure of the business. Also having unqualified persons can cause business failure....

 

[btaliat]

One reason why so many businesses fail is because they fail to recruit the right people for the position they advertised.
Many times employment are not based on merit but on favouritism and it is not helping the business...

I think this should be the number one reason why business fail. No business can survive if it is not run by some people that are qualified to run it. There should be some people that are capable of running the affairs of the business.

 

[BullyMaguire]

There's a lot of reasons sometimes it's just how it is . Like in pandemic even with all the good traits and characteristics you have business and employees are good.. it just doesn't work out for long. Time periods is also important and location good communication skills added to your odds of being successful as well

 

[Opeyemi Abduraheem]

So many business fail because of many factors one of them is the prevalent environment what is happening in the environment determine how the business will triumph. the second Factor is inflation the cost of running the production of the business may be affected by the inflation rates the business will not run up if there's no money to run it .

 

[Franca01]

So many business fail because of many factors one of them is the prevalent environment what is happening in the environment determine how the business will triumph. the second Factor is inflation the cost of running the production of the business may be affected by the inflation rates the business will not run up if there's no money to run it .

Sometimes, we need to consider the environment before running a business, most business does not needed to located in their current position which make be a cuase to their losses making.. Inflation always occurs when there is less production.

 

[SlotsGator]

I like to quote Donald Trump on this issue, he said that some people are just a quitter. They don't have the "belief" or persistence that is necessary to become successful. Yes, "you have a lot of flexibility, change a course a little bit," he said, to adjust to your environment, market, etc., but don't quit and close shop.

Link to the video:

 

[Sammydan]

The question is simple and I think it demand simple answer. And the simple answer to that is the failure to plan. Many businesses fail because their owner fail to plan properly. He who fail to plan; plan to fail.

 

[magnus2022]

Most business fail because of lack of fund and lack of business plan. Most small business doesn't have miscellaneous fund to caution unexpected expenses. Secondly, business without solid plan can fail . A good business plan put everything into consideration and spell out solutions.

 

[btaliat]

Business may fail when there is no access to finacial assistance to run the business. There is no gainsaying that capital is what a business needs to thrive. So when there is no capital and there is also no where the capital is coming, such a business may fail.

 

[rush08]

So many factors could lead to business collapse or failure and many it is caused by the owners of the business. So many times they give out goods and commodities on credits to customers who refused to pay back as when it is due...

 

[Wisdom01]

Financial mismanagement and misappropriation are major reason why many businesses do not survive the early stage of their existence. Most of the management team are not trained to manage finance, so they spend recklessly thereby endangering the business.....

exactly financial mismanagement seems to be that cause , because I actually don't understand why some business firm ,don't actually place the management of their business well , they need to always place that in consideration first I think

 

[btaliat]

A business that doesn't have a clear objective will end up failing. This is because people only towards the objectives on which it is established. So a business that's not standing on viable objectives will surely fail in the long run.

 

[oluwajomiloju]

Business that does not withstand the test of time is because of not put necessary things in place and money quick syndrome diseases that has been rampant now a days. Will are a situation where will neglect major things and been putting on necessary things. As you run into without necessary tools and knowledge to run out of it.

 

[oluwajomiloju]

Business that does not withstand the test of time is because of not put necessary things in place and money quick syndrome diseases that has been rampant now a days. Will are a situation where will neglect major things and been putting on necessary things. As you run into without necessary tools and knowledge to run out of it.

Life is more profitable if will intend to acquire necessary tools to fulfilled our God's given mandate for our life

 

[Opeyemi Abduraheem]

Most business fail because most of the operators lack knowledge when you failed to apply the knowledge and skills then you are going to fail . you can learn before you practice that is the main reason for the business. against Kirin

 

[btaliat]

Some businesses fail not because the management don't have the necessary knowledge on how to run the business but they don't utilize the knowledge that they have. Some of them don't apply the known knowledge approximately.

 

[Wisdom01]

A business that doesn't have a clear objective will end up failing. This is because people only towards the objectives on which it is established. So a business that's not standing on viable objectives will surely fail in the long run.

this is true ,I think one determinant if a good business is the one with a clear objective ,so a business needs to have that in record first if it really want to grow to expectations , having that in record shows that it's really ready to acheive the desired goals