Eric Tsuma

why people fail in businesses.

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Eric Tsuma

To start a business is easy but to grow and to maintain the business is very hard .

Many business people venture into business with the aim of getting rich quick  but they end up being disappointed when they find out the business they ventured into is not profitable.

These reasons which affected the profitability of the the businesses are-

1.lack of proper identification of geographical location of the businesses

2.Lack of proper market segmentation. 

3.Lack of research and development of the businesses

4.Lack of proper identification of the targeted market of the businesses

5.Poor business management and administration. . 

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Starting a business can appear easy, but when its done properly, it's not easy at all.  People fail at business due to multiple factors, one being poor or no planning and development.  Most people do not prepare a business plan to better understanding what's needed beforehand. Preparing a business plan allows business owners to: 

1. Set goals and objectives

2. Create a marketing and sales plan

3. Determine what's needed from an operational perspective, and

4. Develop financial projections that includes cash flow projections to better determine the break even point and cash needs

As they say,  if you fail to plan, you plan to fail; and this is true when starting a business as well.

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People fail in business for many reasons. And the reasons listed above are included, but first of all everything starts from "self-esteem", "self-respect", "emotional intelligence" ...... and others that relate to personal development and are the pillars of success.

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people fail in business because of many issues includes; poor planning, lack a role modal, they haven't respects towards money, they don't need to read books, most of them spend their earning and profits in Liabilities and not in assets e.t.c

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