Failure in Business Checklist and Prevention

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The following list shows the leading management mistakes that lead to business failure.

1. Going into business for the wrong reasons.
2. Advice and influence of

family and friends.
3. Being in the wrong place at the wrong time.
4. The entrepreneur runs out of money because he or she underestimated the financial requirements of the project.
5. Family pressure on time and money commitments.
6. Pride.
7. Lack of market awareness.
8. The entrepreneur becomes too attached to the business.
9. Lack of financial responsibility ans awareness. ( weak controls )
10 . Lack of clear focus.
11. Too much money.
12. Inconsistent prices.

It should be understood that no magic solutions will guarantee a business success. However, the following points should help increase your chance of success.

1. Develop a business plan.
2. Obtain accurate financial information about the business and its environment and requirements.
3. Know the target market well.
4. Go into business for the right reasons.
5. Don't ask family for advice.
6. Network with other business owners.
7. Don't forget that consumer change can change anytime.
8. Know what is available.
9. Know the competition well.
10. Stay focused.

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Tayo Aroloye

He is the founder of the B.Y.O.B initiative with decades of experience on how small businesses start and grow. He is very passionate about entrepreneurs and how entrepreneurs are able to move from idea into viable businesses.

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