Why Small Businesses Fail?

November 10, 2009 at 7:56 pm Leave a comment

I asked this question this morning on Twitter and the replies were fantastic.  Here they are:

1. @TanyaGeisler: I think Gerber (E-myth) explains it best…most business owners are working IN their business not ON their business.

2. @jeffparks: Doing the work to understand if the community values their ideas / products / services as much as they do.

3. @Cg6Inc:  You need to fail to succeed

4.  @skanwar:  They take their core competency for granted.

5.  @nav_een:  They don’t have a solid business plan/model (but that applies to any business type)

6.  @davegray: Lack of customers

7.  @markeelliott: The biggest reason start-ups fail is lack of revenue from poor sales planning and execution.

8.  @ethnicomm: They don’t have any idea on how to take it from an idea to something that generates cash flow.

9.  @AlexIkonn: Lack of support and not feeling connected to a community.

10. @AKthe5th: of knowledge in the sales process. just because you do something well, doesnt mean you know how to sell that to clients!

11.  @TraderZed:  Super Mario Bros. fail? Because they don’t give the Princess any attention, therefore, she’s constantly snatched by Bowser.

12.  @tukutela:   too high expectations from the founders

13.@THE_REFINERY:  Owners go into business thinking things will be different for them, and realize how much work it really is.  Also, entrepreneurs need to have a lot of faith in themselves when others are skeptical – takes a lot of confidence.

14. @todd_herman:  poor positioning in the marketplace and marketing

15. @jamiekalynuik:  people focus more on creativity than strategy.

Here are some other great articles about why Small Businesses fail:
– According to the Small Business Administration, two-thirds of new businesses survive for at least two years, and only 44 percent survive at least four years

– Avoiding Business Failure

– Get a Mentor to help You Build a Successful Small Business

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Entry filed under: entrepreneur, small business, small business tips.

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