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Friday, September 15, 2023 –Many businesses face a tumultuous start and end up crumbling like the Tower of Babel within their first six months or about 12.
When starting a business enterprise, many people spend too much time and money planning and putting structures in place only for the business to disappoint them in a short time. It is too frustrating, indeed.
But the big question is, why do good idea and well-funded businesses crumble so fast? The answer to this question is two sided. It could be because of over expectations; and two, mismanagement. Lack of patience and consistence or persistence is another third reason.
Start ups shutting down
Startups shut down because they wanted quick results. They come into the business space with false expectations that there are millions of free monies to start picking every evening. This is never the case and when they notice that things are not going their direction, they give up. They close shop.
Any new business requires patience and focus for it to go through the stages one after another until its full maturity. After all, customers need time to test, retest and learn about the services or product on the market before turning into loyalists – and this takes a bit of time.
It is equally important to understand that customer growth is a process that builds through referrals and network. Therefore, what one has to do is to have the best services or the best product that will hold grip to clients. From here, referrals will start streaming in and in turn, profits.
Any businessman who wants quick money should sell fake gold or become a fraudster. These two people make easy and huge killings without sweating pounds.
Secret about Wealthy business people
Many wealthy business persons like Bill Gates, Elon Musk and Mark Zuckerberg did not build their wealth in one day. Their innovations took years to become what it is today.
It is easier to attempt to think that these individuals were born rich. They were not. They struggled through the process some failed but they rose up again. Failing in business is not new. Failing is part of the learning process.
When you go down, think fast on standing up again and, that way, before you know it, your business will be making you millions of profits.
Real life Research data
In an article titled ‘Small businesses that fail’ by Forbes, the process of turning an idea into a lucrative business is never easy, but it’s particularly challenging for small enterprises.
Without the resources of larger operations, small businesses have a unique challenge in front of them: they have to turn a profit in a relatively short amount of time while not compromising the quality of their product. It’s a difficult task, which is why 20% of small businesses fail in their first year, 30% in their second year, 50% by their fifth, and 70% beyond their tenth.
