ILLUMINATION
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ILLUMINATION

Why Do Most Businesses Fail? My Take as a Company CEO

To all business owners — most of the time, it’s a matter of how you plan rather than what you do

Image by Trang Le from Pixabay

In reality, owning a business is rarely identical to what you’ve imagined

Why do most businesses fail?

The lack of a business strategy is definitely a big no-no

Image by ar130405 from Pixabay
  • Figure out your business idea. Take some time to actually reflect on it and check whether or not it would be successful in the long run. Oftentimes we are deeply influenced by emotions and excitement and are quick to take the plunge. Instead, take as much time as you need in order to be sure that this idea of yours is what you are a) passionate about and b) informed and educated on.
  • Conduct thorough research. The thing is your business will participate in a dynamic business environment situated in a certain niche. So it’s important for you to first research the niche in question. Get familiar with the market and check how this field develops. Make sure you get enough information on good practices as well as common mistakes — which leads us to our next point.
  • Don’t forget about the competitors. Many businesses fail simply because they didn’t research their competitors right at the beginning. Your competitors are not someone you should frown upon. Rather, they are sources of important information and experience. Also, don’t forget that you together shape up your business niche. By researching your competitors, you can gather insights in terms of successful business strategies.

If you fail to sum up your initial investments, your business will fail too

If you lack passion, likely your business would fail

The lack of development and growth is also a great disadvantage

Outside of planning and investments, it all comes down to the employees

Failing to add a unique element to your business can quickly lead to failure

Summary

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Ivan Popov

i was once an athlete. then a journalist. now i am a ceo of vipe studio. still running marathons though.