Small Business in a Big World

October 5, 2009

Reasons why Small Business Startup Fail-Part 1

Filed under: Uncategorized — itbiznez @ 4:54 am
Tags: ,

When starting a small business, we always get another opinion from another person. We always have that dream that our business will become successful and sometimes we become more sensitive to the needs of the business that we often neglect more important things. In reality, we may think that we know the answer, or everyone thinks that they know the answer. A lot of businesses fail at the first year of startup because of some misconception.

To become successful in starting a small business, it is not necessary to always go with the conventional way. Just because everybody is doing the same thing doesn’t mean you should follow. The conventional way starts with studying how to start a small business, then come up with a business plan and contemplate on the idea, generate more compelling ideas because you aspire to become the next Google or Microsoft, you formulate bigger responsibility and decided to proceed by hooks and by crooks because you believe the hard work will payoff, and you will end up frustrated because you were not able to carry out all the tasks.

One of the most common misconceptions in starting a small business which cause the business failure is the need to have a compelling and unique product and services. If you are going to ask the people around you on how to start a small business, most of them will surely advise you to start with a unique and convincing product. While it is true that it is great to have products or services that can sell itself, the reality is that it is not an advantage in all markets. You just can’t sit there and think the whole day to come up with that unique and brilliant idea. Sometimes, it is better to try and be wounded than consuming all your time devising for something unique and end up with nothing.

1 Comment »

  1. Small Biz fail at the startup stage because of Poor (or none) BUSINESS PLANNING!!!

    Business Planning is the ultimate assurance for Business Success!!!

    Business owners face the business environment threats – economic challenges, industry changes, competitors…, weaknesses and limitations – business, leadership, personal…

    They also learn from the identified threats and define the STRATEGIES to overcome the obstacles.

    Your Business Plan should build scenarios to define the BEST and the WORST business cases for your company – existing and/or starting up!

    NOTE: Business plans don’t create value unless the business planning process is an educational, personal and business growing experience!

    Make sure you find the right BUSINESS PLAN DEVELOPER who would STAND BEHIND the marketing, organizational, and financial strategies outlined for your business.

    My clients always receive the BUSINESS LAUNCHING advisory services along with the BUSINESS PLANNING and more importantly- clients only pay for the business plan development service. The advisory and mentoring comes with the guarantee for our business plans’ quality!!!

    Comment by Galia Kouzmanova — November 3, 2009 @ 12:08 am | Reply

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