LACK OF EFFORT: A lot of people who start a business always think they are alone, they fail to understand there is never a business without competition unless you are extremely lucky. And since there is competition, someone knows the business more than you do, someone knows your customers more than you do and how to engage and sell to them. With all these. Of course, you going to lose. Except if you put in the effort to understand the business more than anyone in your industry, you can’t possibly succeed in business.

LACK OF DISCIPLINE: Your brand might not be the best in your industry, but people will patronize you more if you have discipline and uniqueness far better than your competitors. This is why it is very important to choose an industry that fits your trait (Introversion& Extroversion) because once you choose an industry that suits you, being disciplined and smarter than your competitors in that industry won’t be a problem for you.

ACCOUNTING: If you own a business and you don’t understand anything related to accounting, you are automatically behind your competitors. This is because you won’t understand or have a good technical breakdown of your account. Your account might show your business is profitable, meanwhile, your cash is going down.

NOTE: EVEN IF YOU HIRE AN ACCOUNTANT, THERE IS GOING TO BE A LACK OF COMMUNICATION, DUE TO YOUR LACK OF THE BASIC CONCEPTS OF ACCOUNTING.
In summary, it is advisable to either purchase an online course for accounting on (Udemy) etc. or attend an accounting seminar or if possible you can go back to college too to understand accounting much better and this also goes with Marketing, and Financing.

FAILURE TO LEARN HOW TO LEARN: If there is one certainty in business, then it is the fact it is always going to be changing. An example is NOKIA’s inability to advance faster than its competitors despite being a powerhouse in the market. In essence, if you do not know how to learn every day, your competitors are always going to be ahead of you because you failed to anticipate their next move.
NOTE: The greatest source of your paranoia should be knowledge.


FAILURE TO HAVE A GROWTH STRATEGY FOR THE BUSINESS: First thing first, you got to know your skillset and how that fits into your business lifestyle. This is because some businesses grow slowly and you have to be consistent with the grind till it starts to click. But if you trying to release a product that needs to be ubiquitous (found everywhere), then you got to go as fast as you can and release that product. Remember, Webbikon Technologies is the best web design company in Abraka.
NOTE: PERFECTION IS THE ENEMY OF PROFITABILITY.
The key is to get a commitment (time or revenue) and understand what products customers are willing to pay you or service and understand if it is something they are willing to integrate into their daily life or integrate into their daily business.
I HOPE THIS WAS HELPFUL FOR YOU IF YOU OWN A BUSINESS OR ARE READY TO START UP ONE SOON.

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