What advise would you tell your friend to keep the business from failing?

[Mahnoor]

I am often asked what advice would I give someone who is interested in starting a business. It is easy for me to discuss having a business plan and a strategy but most importantly executing that strategy and staying on course. However, I found that the greatest lesson I have learned as an entrepreneur is you have to be willing to fail to succeed. According to the Small Business Administration over 50% of small businesses fail in the first year.
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I am often asked what advice would I give someone who is interested in starting a business. It is easy for me to discuss having a business plan and a strategy but most importantly executing that strategy and staying on course. However, I found that the greatest lesson I have learned as an entrepreneur is you have to be willing to fail to succeed. According to the Small Business Administration over 50% of small businesses fail in the first year.

 

[tyrim88]

To properly handle a business especially a new growing business,the individual need to know the baground of the business in detailes.
He need to have a good customer aquisition strategy,because customers is what drives the business.He need to have a good managerial and financial discipline.

 

[Chibson]

Like I always advise people here and outside to always keep family affairs away from the business because it has stunted alot of businesses that I know.

 

[tyrim88]

Businesses especially new ones do encounter challanges.And the hearth of evry business is the clients and continous patronage.You must have a good and workable method of customer aqusition.And have a good and sound financial dicipline.

 

[Eodine]

Before a friend of mine starts a business I would tell him or her to have multiple streams of income incase of emergencies so you can have a backup plan for capital

 

[Patrik]

i would recommend and advice him to keep track of the performance of his business, this way he's going to know a little bit about the future of his business and also rate its performance

 

[Abigael]

When starting a business, it is very important to do alot of research first before venturing into it. Research makes you aware of all the things needed in business such as your target market, best location, capital needed and the skills you need in running the business. Then when the business is up and running, you need to exercise self discipline, commitment and keep learning and practicing new ideas.

 

[Adventurer]

I know some of you have friends who are in business, or maybe you, yourself hàve a business. Sometimes, whether we like it or not, som business fails. What advise would you give yourself or your friend to keep the business from failing?

To analyse why the business is not doing well, he or she will need to audit the business, look at financial records and make adjustments where necessary. And to not give up because business is full of challenges

 

[Muhammadawais]

When you fail at something or when you fail yourself, it can be frustrating and humiliating. When you lose, it normally means that the return on our time, effort, and money is zero at the time.
We will all fail at anything at some point in our lives. It may be with major events in our lives or with seemingly insignificant information.

 

[Ehizzy1]

Failure is inevaluation in business so i would advice him never to stop chasing his dream and continue the business to earn profit

 

[abubakar3141]

I know what its like to have a business go out from underneath you. There are different kinds of recovery, though. If the loss of the business.

 

[Muhammad Arslan]

I'm often asked what advice I would offer to anyone considering starting a company. It's easy for me to talk about getting a business plan and a strategy, but the most important part for me is putting the strategy into action and keeping on track. However, as an entrepreneur, I've discovered that the most important thing I've learned is that you have to be able to fail in order to succeed.

 

[Abbeyola]

I know some of you have friends who are in business, or maybe you, yourself hàve a business. Sometimes, whether we like it or not, som business fails. What advise would you give yourself or your friend to keep the business from failing?

The advice I will give my friend to prevent the business from falling, is to apply integrity in what ever he or she does, in other to gain trust.

 

[Abezol21]

Customer relations is an essential ingredient for a successful business. And I suggests reading in its entirety sixteen laws of success by Napoleon Hill where he discussed in details strategy that can be use to create master minds.

 

[Kingsley]

I will encourage him or her not to start or venture into a business he or she has little or no knowledge about, then nor so I wont advice him or her to secure a loan in starting a business. Again i will encourage them to get involved in what they really love doing, then they should keep a proper book of account.

 

[Niftyyem]

I would advise such friend to steer clear of free loaders, also those who would have the funds but would rather buy on credit and finally, attach no sentiments when it comes to business.

 

[Anna52]

I would tell my friend to seek for more knowledge about the businesses so that she will be mentally equipped for her business. More also I would tell her to be fully dedicated to are business.

 

[Sheyemanu]

You have asked what would i do if i have a friend and his business is failing, you asked ehat would i tell him. Firstly i would tell him to consult a business adviser and they should both review his business plans and how it has fared so far

 

[Setho]

If my friends business is not doing well, I would ask him to exercise a little patience as things like this take time. He should go back and search for the reason why the business is not growing. If it still doesn't grow, then he should seek the services of an expert on the issue.

 

[Jlife]

I'll tell most of my friend that's the only way for them to keep their business going and away from failng is for them to try as much as possible to get rid of negative people in their business because these are the set of people that can bring downfall to any business.