Reasons why 66% Of New Businesses Fails - Deepstash

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Reasons why 66% Of New Businesses Fails

Reasons why 66% Of New Businesses Fails

  • The average failure rate for new businesses is 66% within 5 years of start-up.
  • The failure rate is higher for businesses that are younger, smaller, and in more competitive industries.

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Reasons Why New Businesses Fail

Reasons Why New Businesses Fail

Lack of planning.

Lack of funding.

Lack of market demand.

Poor management.

Competition.

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1. Lack Of Planning

1. Lack Of Planning

Planning is not you come up with a dream and it's magically gonna happen, Planning is setting up goals for yourself.

Let's say your want 1000 followers, that's a dream it's not a goal, A goal is when you can reverse engineer that goal to where you can see every single step that you have to take to get to that particular goal .

So how do you get a 1000 followers? You need to put some content out for that, And then convert those viewers to followers.

Let's just say you need 100k views to get 1000 followers, That's 1% of your viewers, so now you know how hard you have to work for it.

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Let's go a little bit deeper, you putting out a video everyday doesn't means you gonna reach a 100k views, you need to now calculate the average view count per video. In order to do that you take all the views and divide it by all the videos, let's say you have 10 videos in your social media, in order to reach 100k views you need all your 10 videos to have 10k views each.

So it goes like, you need 10 videos, each having 10k views to get 100k views in order to get 1000 followers.

You see how a goal has a step by step sequence, It's not just this i want a Lamborghini.

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And then you decide do i want put that much content out? What's the rate of success? What's the effort that i wanna put out in order to get to that goal?

And that's the main question you gonna find yourself asking. If you are not asking these questions then you are not writing real goals.

When you can see the energetic cost that you have to put in,that's when you know it's a goal or a dream.

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2. Lack Of Funding

2. Lack Of Funding

In business you have to change your mindset around money, if you trade your money for something that loses value it dies. So you have to trade it on something which multiplies it's value, like your skills, the quality of your products or content etc.

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3. Lack Of Market Demand

3. Lack Of Market Demand

Here's the truth that most people don't understand, they need to do some market research before they create a product, website etc, before they even name their business.

You should think about what are your products doing to solve problems, People are not buying your products they are buying the desired outcomes, the desired outcomes that people want health, wealth, mastery and social status, And you need to communicate to them how they will get to that desired outcome.

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4. Poor Management

4. Poor Management

Managing money is the most important task, and learning money management can help you a lot.

Second thing is learning how to manage people, how to deal with them, and the only way to do it is just do it, you can't rely on books when it comes to dealing with emotions you gotta experience it.

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5. Competition

5. Competition

Lastly, never underestimate the amount of competition, just do simple keyword research and look at how many videos exists for that certain keyword, look at how many blogs and articles exists, competition is a lot harder than you may expect, so the question is not, how do you get away from the competition, the question is that how do you stand out from the competition.

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