The Third Reason Why Small Businesses Fail - Deepstash

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The Third Reason Why Small Businesses Fail

The Third Reason Why Small Businesses Fail

Weak management.

Many enter into the business world because they're passionate about something but rarely do they get into business with a passion for human resource management and operations.

A survey showed that 52% of small businesses have labor quality problems. Coincidence? I think not.

Without letting go of the wheel and handing it over to someone with experience and strength, you won't be able to make up for your shortcomings.

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Another mistake that many entrepreneurs make is that they don't have good business plans. A business plan must include the following: business summary, competitor and market analysis, business model and operations plan, marketing and financial plan, and product and service offeri...

  1. Develop a growth mindset
  2. Set doable goals
  3. Learn why customers are leaving your business and establish a feedback system
  4. Identify your target audience
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The data on the survival rate of businesses showed that 22% of small businesses fail within the first year, 32% for the first two years, and 40% for the first three years of business.

Small businesses lack the ability to understand their customers because they are often not prepared to meet the marketing demands of their company.

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