Booty4me: YEA SECOND TO COMMENT ALWAYS SECOND

avalontony: WHAT ABOUT GOD FACTOR?

omiobo: Lack of feasibility studies
Lack of investment appraisaL
Inability to carry SWOT analysis of the environment

lagcity:

Fork outta here!!!

omiobo: Lack of feasibility studies
Lack of investment appraisaL
Inability to carry SWOT analysis of the environment

prince_onx:
And what was your comment? Or contribution? Or am I missing something?

BrandKing: 10 REASONS WHY START-UP BUSINESSES FAIL
"For entrepreneurs -- especially those just starting out -- businesses succeed as much as they fail. But Statistics have proven that the failure rate for new startups within the first five years is as high as 50 percent.
Of course, real entrepreneurs treat business failure as a milestone on the road to success. They count on learning from their mistakes, and use the experience to move to the next idea. But why not learn from the mistakes of others, without all the pain and suffering?
Below is my list of 10 top startup failure causes -- and how to avoid them:

1.No written plan.
Don’t ever believe that a business plan isn’t worth the effort or not necessary. The discipline of writing down a plan is the best way to make sure you actually understand how to transform your idea into a business.

2.Slim or no revenue model.
Even a non-profit has to generate revenue (or donations) to offset operating costs. If your product is free, or you lose money on every sale, it’s hard to make it up in volume. You may have the solution to world hunger, but if your customers have no money, your business won’t last long.


3.Limited business opportunities.
Not every good idea can become a blockbuster business. Just because you passionately believe that your product or service is great, and everyone needs it, doesn’t mean that everyone will buy it. There is no substitute for market research, to supplement your informal poll of friends and family.

4.Can’t execute.
An idea alone is really worth nothing. It’s all about the execution. If you’re not comfortable making hard decisions and taking risks, you won’t do well in that business.

5.Too much competition.
Having no competitors is a red flag -- it may mean there’s no market -- but finding so many competitors may be a sign that it is also over crowded.

6.No intellectual property.
If you expect to seek investors, or you expect to have a sustainable competitive advantage against giants in your industry, you need to register for patents, trademarks and copyrights, as well as enlist non-compete and non-disclosure agreements to protect trade secrets. Intellectual property is also often the largest element of early-stage company valuations for professional investors.

We have the Copyright and Trade mark commission in Abuja and Lagos where you can secure you r patent or ideas with a minimal cost.

7.An inexperienced team.
In reality, investors fund people, not ideas. They look for people with real experience in the business domain of the startup, and people with real experience running a startup. If this is your first time around, find a partner who has “been there and done that” to balance your passion and bring experience to the team.

8.Underestimating resource requirements.
A major resource is cash funding, but other resources, such as industry contacts and access to marketing channels may be more important for certain products. Having too much cash, not managed wisely, can be just as devastating as too little cash. Don’t quit your day job until new revenue is flowing.


9.Not enough marketing.
Having a slick word-of-mouth marketing strategy isn’t enough to make your product and brand visible in the relentless onslaught of new media out there today. Even viral marketing costs real money and time. Without effective and innovative marketing across the range of media, you won’t have customers -- or a business.

10. Giving in too early.
The most common cause of startup failure is the entrepreneur just gets tired, gives up and shuts down the company. Despite setbacks, many successful entrepreneurs like Steve Jobs and Thomas Edison kept slugging away on their vision until they found success.

www.niromanddoch.com

cowgurl: Thank you BrandKing but is it right?

Rooneyboy:

don't mind that fella , something u ought to know about NL is that a good number of contributors are retards.
Most times they are usually in confinement and have only the laptop as their companion.

vitality33: pls i need an advice from somone who has bin into dis business. i want to start an attachment and weavon business. and also other students accessories. wer can i buy dem cheap in order to start selln dem in retail prices. tnk u

Krucifax: By feasibility studies you actually mean a Market Audit.
It is a misnomer to say "SWOT" analysis of the environment.(A mistake many people make)
You CAN NOT do a SWOT of the environment a SWOT analysis is only applicable to the business in relation to the Market,Current Competition and Status of Goods/Services on offer(or to be offered).

omiobo:

I didn't get you. Are you telling me SWOT analysis is not applicable to business and its environment?

Sophiegurl: 11. Going into a biz u are actually not interested in, but because pple say they are making money from it u dabble into it.

BrandKing:
10 REASONS WHY START-UP BUSINESSES FAIL
"For entrepreneurs -- especially those just starting out -- businesses succeed as much as they fail. But Statistics have proven that the failure rate for new startups within the first five years is as high as 50 percent.
Of course, real entrepreneurs treat business failure as a milestone on the road to success. They count on learning from their mistakes, and use the experience to move to the next idea. But why not learn from the mistakes of others, without all the pain and suffering?
Below is my list of 10 top startup failure causes -- and how to avoid them:

1.No written plan.
Don’t ever believe that a business plan isn’t worth the effort or not necessary. The discipline of writing down a plan is the best way to make sure you actually understand how to transform your idea into a business.

2.Slim or no revenue model.
Even a non-profit has to generate revenue (or donations) to offset operating costs. If your product is free, or you lose money on every sale, it’s hard to make it up in volume. You may have the solution to world hunger, but if your customers have no money, your business won’t last long.


3.Limited business opportunities.
Not every good idea can become a blockbuster business. Just because you passionately believe that your product or service is great, and everyone needs it, doesn’t mean that everyone will buy it. There is no substitute for market research, to supplement your informal poll of friends and family.

4.Can’t execute.
An idea alone is really worth nothing. It’s all about the execution. If you’re not comfortable making hard decisions and taking risks, you won’t do well in that business.

5.Too much competition.
Having no competitors is a red flag -- it may mean there’s no market -- but finding so many competitors may be a sign that it is also over crowded.

6.No intellectual property.
If you expect to seek investors, or you expect to have a sustainable competitive advantage against giants in your industry, you need to register for patents, trademarks and copyrights, as well as enlist non-compete and non-disclosure agreements to protect trade secrets. Intellectual property is also often the largest element of early-stage company valuations for professional investors.

We have the Copyright and Trade mark commission in Abuja and Lagos where you can secure you r patent or ideas with a minimal cost.

7.An inexperienced team.
In reality, investors fund people, not ideas. They look for people with real experience in the business domain of the startup, and people with real experience running a startup. If this is your first time around, find a partner who has “been there and done that” to balance your passion and bring experience to the team.

8.Underestimating resource requirements.
A major resource is cash funding, but other resources, such as industry contacts and access to marketing channels may be more important for certain products. Having too much cash, not managed wisely, can be just as devastating as too little cash. Don’t quit your day job until new revenue is flowing.


9.Not enough marketing.
Having a slick word-of-mouth marketing strategy isn’t enough to make your product and brand visible in the relentless onslaught of new media out there today. Even viral marketing costs real money and time. Without effective and innovative marketing across the range of media, you won’t have customers -- or a business.

10. Giving in too early.
The most common cause of startup failure is the entrepreneur just gets tired, gives up and shuts down the company. Despite setbacks, many successful entrepreneurs like Steve Jobs and Thomas Edison kept slugging away on their vision until they found success.

www.niromanddoch.com