Eight out of every ten businesses in the world flop within the first 18 months of their launch. This low business failure rate has a direct impact on the domestic economy.
The failure rate in Pakistan
The failure rate of start-ups in Pakistan is 90%. That is to say, 9 out of 10 businesses suffer failure. * According to the Small Business Administration (SBA) report, 66% of enterprises are surveyed for only two years.
The remaining 24% fail within the next five years. If you are a failing businessman, have you ever analyzed the reasons for failure? By eliminating these factors, can you become a successful businessman?
The impact of failure on the economy
In the case of small business failure, our economy faces a loss of billions of rupees every year. The economy of a developing country like Pakistan, where the majority live below the poverty line cannot afford this time.
I have tried to list the reasons for the failure of the business in the form of a checklist. You can never become a successful businessman by removing these 50 defects.
What is Business?
What is Business? According to the Oxford Dictionary, “A person146s regular occupation, profession, or trade” is a combination of a scattered crowd of people and efforts on one platform to give these efforts a positive, productive and profitable direction.
The business makes a person a responsible person in society in many aspects. It will be useful for an important class.
1: Not setting goals:
Not setting clear goals is the first drawback of a failing businessman. It is essential to keep moving. A successful businessman’s mind knows how to set clear goals. To do and why to do it?
What other goals can your business have besides just making money? The questions that have a definite and clear answer not only for setting goals but also for achieving them. The process is also very useful in setting up.
2: Lack of broad thinking:
An unsuccessful business person is a person with limited thinking, whose thinking revolves around a specific scope. He fails to find and acquire new means to expand his business. Seek new opportunities. This broad thinking of a successful businessman gives rise to entrepreneurship.
3: Self-reliant Independent Nature:
Relying on yourself is the key to a successful business. A failing businessman has a severe lack of dependence on his own efforts and his own resources. This error can cause failure very quickly.
4: Ability to test:
An unsuccessful businessperson can examine the circumstances and issues and decide according to the requirements of the time.
5: Excessive optimism:
Always hoping for the best in situations and events can be beneficial for the common man but not for a businessman. Keep in mind that everything is not what you want it to be. Damn, it affects a businessman’s policies.
A successful businessman is fully aware of this fact. While the policies of a failed businessman are based on optimism and optimism rather than on the realization of events. Self-esteem and confidence lead to a loss.
6: Lack of Professionalism:
There is a severe lack of professionalism within a stupid and talented businessman. This professionalism is born of skill and experience. Because a failing businessman lacks both of these things and he lacks the same business life. I lose the most chances of success by doing it on several important occasions.
7: Lead Time Management Lead-time management:
It covers the delivery of the product or service required by the Gap Joker Consumer Order called the lead time of a business or company.
Lead Time Reduction is the most critical point of a business or a company’s success. A failed businessman never focuses on that point. It is a sign of a businessman’s obligation.
8: Unaware of public trends:
A successful businessman is always aware of the latest and changing general patterns and takes action.