Common things that make some business owners to fail?

[eLdavis]

Ok what if i am qualified academically with a degree in my hand ,do you think that I still need to go and learn about the type of business I am going into before I succeed , with university degree I do not see the need to learn.

True that might help you to some extent but you can never compare what you learn in school to the experience you would get on the job. The very same reason why most companies ask for some years of experience even with your degree. The school does not teach you everything you need to know, there are certain things you get to learn on the field. Which means learning never ends

 

[Emmy]

My own personal reason why I don't patronize food sellers on campus is that, they are not skillful enough. The taste of their foods taste somehow. Maybe because they don't like to spend money on ingredients but I always prefer outside campus food to inside food .

 

[Funky]

You are correct, negligence is a good reason some business fail, which can be categorized under customer satisfaction and feedback, when customers request for something or give a feedback as a good business owner, it should be worked on because customers are the ones that provide the business income.

 

[Good-Person]

Here are some main things that make businessmen fail in business:-

1) Lack of proper planning
2) Not being able to groom and prepare employees properly
3) Not monitoring the business properly
4) Not investing enough capital required in the business

 

[Jlife]

True that might help you to some extent but you can never compare what you learn in school to the experience you would get on the job. The very same reason why most companies ask for some years of experience even with your degree. The school does not teach you everything you need to know, there are certain things you get to learn on the field. Which means learning never ends

Ok if a company are always not interested in experience then they shouldn't tell their employee to go to school ,instead we should be looking for a way to get 2 years of experience on the type of work we are interested to know.

 

[akinlolu99]

Aseju. There are various things that can lead to or cause a business to fail for example
1. Impatience (this is one of the major shareholders when it comes to any business because this is a point where money is made and lost in a heavy manner).
2. Greed(It is a human syndrome to be greedy but it is best to not let the greed get the better part of someone)
3. indiscipline (being discipline is key and is the most important even me i still struggle atime with it from time to time but still we try our best to keep up)

 

[eLdavis]

Ok if a company are always not interested in experience then they shouldn't tell their employee to go to school ,instead we should be looking for a way to get 2 years of experience on the type of work we are interested to know.

Both are actually needed and important, now lets look at it this way wisdom and knowledge are two different things but similar. School gives you the knowledge about that particular field and all they think you need to know, by the book. The experience you gain gives you the wisdom on how to apply the knowledge you already have. As they say, wisdom is knowledge applied.

 

[ahmedo24]

Knowledge is a booster to wisdom, experience is very important when it comes to business or running company affairs , some companies are more interested in experience staff than people with higher certificate.

 

[Jlife]

Both are actually needed and important, now lets look at it this way wisdom and knowledge are two different things but similar. School gives you the knowledge about that particular field and all they think you need to know, by the book. The experience you gain gives you the wisdom on how to apply the knowledge you already have. As they say, wisdom is knowledge applied.

Nice explanation, here in Africa there some people that can become a plumber or electrician without going to school, they just went ahead to learn what is the most important thing in the electrical or plumbing field and they become expert.

 

[Richard92]

and the money they lose could have been enough for them to learn what is required for them to succeed in the business and will still have something remaining,when they are losing in the business they will lose all the money they have invested.

Most of the common things that makes some business on her to fall is when they do not have accurate plan for executing any business investment.

 

[Shigobad20201]

One of the things that makes business owners to fail is their pride and over ambition for more profit and also manners of approach.

I will go for three things pride , over ambitious and sometimes being too flexible makes a business fails at times, pride in the aspect of seeing yourself as the best and not taking corrections into consideration.

 

[eLdavis]

Nice explanation, here in Africa there some people that can become a plumber or electrician without going to school, they just went ahead to learn what is the most important thing in the electrical or plumbing field and they become expert.

I have seen cases like that as well. There is a guy my area, he did not actually go to school but he learnt how to bend iron for building houses and construction sites. Then he started working with carpenters and the likes. Just by watching them, he started doing the work of a carpenter.

 

[Jlife]

I have seen cases like that as well. There is a guy my area, he did not actually go to school but he learnt how to bend iron for building houses and construction sites. Then he started working with carpenters and the likes. Just by watching them, he started doing the work of a carpenter.

He was actually learning it, although there are some people that have the natural talent and ability to grab something just from a little experience, for me I am a slow learner especially when it has to do with technical things like construction and carpentry, but in digital skill am really good.

 

[akinlolu99]

From what i know or understand so far, greed is the Major problem i think we have in anyy business because some people tend to set and put a plan on finance and general expenditure but along d line when or if there is a large profit most people expect it to keep on and when that happens dy start to spend either on personal items and not business item.

 

[eLdavis]

He was actually learning it, although there are some people that have the natural talent and ability to grab something just from a little experience, for me I am a slow learner especially when it has to do with technical things like construction and carpentry, but in digital skill am really good.

True tho, every individual has their own learning speed and capability. There are Some that learn fast and while there are others that learn faster as well. I have seen people learn a skill that was ment to take six months for just three months. While what took others years to learn, some got it in just months

 

[tyrim88]

Businesses fail for different reasons, you are giving the example of a case of lack of hygiene, if we talk about restaurants or food sales that is one of the reasons, also the lack of a good plate of food, with good condiments and taste to the palate. Another very good reason is the lack of financial management.

Another reason why busineses fail,is that tey have not device a good wokable and strategic method of getting and aquiring customers into their business,this is a major challange.And sometimes when the customers have started coming,they don't have the capacity to retain them,this could be either through poor customer service or lack of initiative to satisfy their needs.

 

[Sariana23]

Another reason why busineses fail,is that tey have not device a good wokable and strategic method of getting and aquiring customers into their business,this is a major challange.And sometimes when the customers have started coming,they don't have the capacity to retain them,this could be either through poor customer service or lack of initiative to satisfy their needs.

I share your opinion, marketing is of utmost importance since it is necessary to make the site, known and customer service must be efficient. Therefore, when setting up any type of business, you must do it with aplomb and knowledge so that everything works as expected.

 

[Deucalion]

From what i know or understand so far, greed is the Major problem i think we have in anyy business because some people tend to set and put a plan on finance and general expenditure but along d line when or if there is a large profit most people expect it to keep on and when that happens dy start to spend either on personal items and not business item.

We are greedy in one way or the other but sometimes there are greed that can actually bring down a company as you said, in general you shouldn't expect much profit at the first year of starting a business, these will help us to manage our business better.

 

[Jlife]

True tho, every individual has their own learning speed and capability. There are Some that learn fast and while there are others that learn faster as well. I have seen people learn a skill that was ment to take six months for just three months. While what took others years to learn, some got it in just months

People can only be able to learn fast if they are naturally talented in what they are learning ,a situation in which something is not your real interest it might be very difficult for you to learn it faster than something you are interested on.

 

[FreshKaz11]

I have observed that some food sellers in my school's campus do not take hygiene as a high priority and this has caused many students to stop patronising them. This level of negligence is what makes it hard for them to make profits as they should.

What reasons make some businesses to fail?

To me some business owner take good care of their working environment,but they dislike one of their best worker all because they need something personal from he or she this may also cause failure in their business.