Why new businesses fail...

@Mbenieve (567)
Kenya
August 16, 2020 5:45am CST
Entrepreneurship is not for the faint-hearted. Starting and running a business can be difficult and that's why a lot of people give up along the way. While some intrepreneurs become successful in their ventures, 25% of new businesses collapse within 12 months, and only 50% survive for over 5 years. Some of the factors that cause business failure include, but not limited to; lack of enough capital, inadequate funding, poor management, lack of modern technology, and poor marketing strategies.
5 people like this
7 responses
nawala
@nawala123 (20871)
• Indonesia
16 Aug 20
I knew it. I have read the article and it is very true
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
16 Aug 20
True. Entrepreneurship is not a walk in the park.
nawala
@nawala123 (20871)
• Indonesia
16 Aug 20
@Mbenieve it takes great effort,capital, time and luck
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
16 Aug 20
@nawala123 and research too
1 person likes this
Raj
@Butterfingers (66603)
• India
16 Aug 20
Experience plays an important part and we all learn from failures
1 person likes this
Raj
@Butterfingers (66603)
• India
16 Aug 20
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
16 Aug 20
True. But I also think if we take precautions we can prevent our businesses from failing.
1 person likes this
maximax8
@maximax8 (31042)
• United Kingdom
17 Aug 20
I know a man that had a crystal selling business. It didn't last so he took on other ventures. Lots of companies have suffered financially due to corona virus. Some people suffer lots of debt after their business fails.
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
17 Aug 20
True. This pandemic has caused serious damages to businesses. It's even worse if the investor had an unpaid loan.
louievill
@louievill (28846)
• Philippines
16 Aug 20
Business people should avoid bad debts.
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
16 Aug 20
That's true. Debts are sending entrepreneurs home.
1 person likes this
Jaymie Suh
@cherriefic (10399)
• Philippines
18 Aug 20
I agree. You have to be ready to fail when you decide to get into it. I think I never failed yet because I'm not ready to quit.
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
18 Aug 20
If you have good management and marketing skills you're are likely to succeed. All the best.
Jayanth
@jayanth_77 (7179)
• India
16 Aug 20
Yes I agree with you. Business can fail even with best of efforts due to both internal and external factors. This Corona pandemic is one such external factor which was never predicted by businesses and many had to close down .
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
16 Aug 20
Uh! This pandemic has really affected businesses, even those that were well established.
1 person likes this
Overflowing
@Overflowing (3709)
•
16 Aug 20
Business is risky but worth the learning
1 person likes this
Evelyn
@Mbenieve (567)
• Kenya
16 Aug 20
I agree with you.