When the entrepreneurs start the new business, they think that every thing will be very easy in the market for his business, but the situation is may differ. Many startups may fail in the first year of their business because not to getting the results as they thinks.
When any entrepreneur start the business he/she should know about the market dynamics, his business objectives, set short term or long term target as well. Here are some following reasons why many Entrepreneurs may fail.
Not a Set an Objectives:
The main reason of failing early in an entrepreneurial business is not setting a business objectives. If the objectives not set early in this business, so there is enough chance of failure. Every business demands time, effort, strategy, goals, long term objectives etc. The Entrepreneurial business should set the Smart objectives (Specific, measurable, attainable, Relevance and time.
Lack of Capital
Capital is the main pillar of every business, When an entrepreneurial start business his/her business he/she should know the importance of business capital. Without capital no business can sustain in long term in market. Many entrepreneurial may fail because they don’t focus the or give importance to the business capital.
Market Knowledge
Many entrepreneurial business may fail in their startup because they did not focus on market knowledge, market knowledge is very important for every business, if you don’t know your customer, like or dislike his taste. The entrepreneurial may not success in his business. Market knowledge is as important as the selection of business, the entrepreneurial may target every one for getting the high sales, here he fails to target his specific audience. Because the product or services you are selling may not like everyone.
Lack of Business knowledge
Many Entrepreneurial may fail because they don’t have proper business knowledge. The entrepreneurial may do some research before starting any business, getting some experience on it. May some research on his target audience before selecting any business. Many entrepreneurial did not focus because they focus on their ideas but not focus what actually prevailing in current market. What the peoples demand for new things. The entrepreneurial may focus or do some research before do any business in the market.
Poor Planning
We have all heard the expression, “In the event that you neglect to design, you intend to fall flat.” The absence of proper planning may below average execution. A decent strategy need not be excessively convoluted. It is as straightforward as knowing and building up a methodology around your organization, your item and your opposition.
Lack of marketing knowledge:
The Entrepreneurial may fail in their startup because the lack of proper marketing knowledge of business. Many entrepreneurial thinks what they are thinking, none of them think about it. But it never happen, every day many ideas enter in the market and new people try to do it. The entrepreneurial should know, who is his customer? What is competition in the market? What customer like or dislike?. If you never know about the market, than its 100% chance you may fail early in your startup.
Lack of vision
The characteristic of a decent pioneer isn’t just having a dream however bestowing that vision to others such that makes them need to accompany you on the excursion. Organizations without all around considered, long haul and transient objectives will fall flat since they don’t have clear achievement benchmarks along the way.
