Do you want to start a business but afraid of business failure? I will be putting you through on the main causes of the many business failures and how you can avoid them.

Any entrepreneur starting a business venture has PROFIT in the back of their mind. Owning a business can be rewarding and at the same time very risky. There are certain factors that can cause business failure but lack of proper research for profitable market before venturing is one of the main cause of business failure.

YES, you can be passionate about something or a particular type of business but have you asked yourself if the business will be profitable in your location.

As it is, there is no business that is not profitable, but if your business is not located at a place that the product/market is required, it will not sell or be profitable.

Passion is a key for success in business but it cannot guarantee profitability. If you are passionate about something but cannot monetize it, and yet you venture into it, then you are more of a social entrepreneur who might be providing a service for no or minimal reward.

It is pertinent that you do a thorough research, consult before you venture into any business. Nobody wants a failed business. The pride of every entrepreneur is to see his/her business growing and making steady profit.

Some entrepreneurs have started businesses but because of some certain factors, the business becomes a failure after a short while. I will be discussing some underlying causes of business failure with you.

Outline of Causes of Business Failure

1. Not Seeking Professional Advice
2. Lack of Good Customer Care
3. Copying Others
4. Lack of Experience
5. Unaccountability
6. Lack of Personal Growth
7. Poor Location
8. Lack of Focus
9. Wrong Expectation
10. Quitting Too Soon

1. NOT SEEKING PROFESSIONAL ADVICE

No matter how informed you feel you are, once you want to startup a new line of business, it is pertinent that you seek professional advice. This will help you ascertain whether or not the business is profitable as you thought. Most times, entrepreneurs start up a business because they find others doing the business and profiting. Yes, they might be profiting from the same business but there might be a secret behind the success. It might be location, good customer service, knowing the right source to get raw materials etc.

It is good you have a mentor that will always put you through to avoid silly mistakes. Another advantage of seeking professional advice is that, you are meeting people that have already done the business and they have made the mistakes and known the best way of doing it.

The likes of Bill Gates and Sir Richard Branson have Warren Buffet and Sir Freddie Laker respectively as their mentors. If they had advisers, why can’t you?

One of the best pieces of advice I can give to anyone in business is never stop learning, read and learn about marketing not just about your industry but how other industries buy and sell products and service and how you can do things even better.

Avoid Negative People

2. LACK OF GOOD CUSTOMER CARE

It is very important that you make your customer care a priority. A business with good customer care grows. Good customer care brings return customer and return customers bring referral customers. If you do not treat your customer well, they go to your competitors. Learn to show your customers that you appreciate them. Always ask them questions about the product and offer them some percentage when they give your product a review (either positive or negative review). If you are not close to your customers, if you treat them like every other seller, they will only come when there is no other option. Bad customer care has killed a lot of businesses.

Your Customer Care Unit Defines Your Brand

3. COPYING OTHERS

What worked for Mr. Francis must not work for Mr. Reader. Many people have gone into business or made a business choice because they see others doing it and think they can be successful in it if they try. It is good you add your own idea after proper consultation, that will distinct you from others. Copying without consultation leads to dead end.

Do Not Copy, Initiate

4. LACK OF EXPERIENCE

Lack of experience is one of the causes of business failure. If you are inexperienced or your management is made up of novices, then your business is as good as dead. When starting a new business, it is advised you get the services of people experienced in that field. They can be your partners or you employee. Get experienced marketers and well trained customer service personnels.

Experience Count

5. UNACCOUNTABILITY

You must be accountable for any dime your business makes. Most times, many entrepreneurs could not account for their daily sales. Once there is a sale, they spend the money on personal needs believing...

Continue reading @ http://www.thetotalentrepreneurs.com/10-causes-business-failure/

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Manifesto well presented... Oya take water... Shaaaaararrraaaa

Thanks