Why do businesses fail ?

Discussion in 'Growing and Managing a Business' started by Vishwas_22, Jan 20, 2021.

  1. Vishwas_22

    Vishwas_22
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    Hello,

    Reasons for failure might be a large concept but finding uniqueness is of utmost importance.
    You may have a great product or service for which there is strong demand, but your business is still failing. It may be that your approach is mediocre or you lack a strong value proposition. If there’s strong demand, you probably have a lot of competitors and are failing to stand out in the crowd.

    How to Avoid Value Proposition Failure: What sets your business apart from competitors? How do you conduct business in a way that is totally unique? What are your competitors doing better than you are? Develop a customized approach or service package that no one else in your industry is using so you can present it as a strong value proposition that attracts attention and interest.

    This is how you build a brand. Your brand is the image your customers recognize and associate with your business. Your brand identity, including your logo, tagline, colors, and all the visible aesthetics and business philosophies that represent your company should be supported by your value proposition. It should separate you from the pack and present your individual perspective to your customers. Do everything you can to present that unique value proposition to your market so you can capture a market share and begin building your conversion rates.

    To publicize your brand and set yourself apart, you will also need to step up your marketing plan and use as many venues as possible to present your brand to the public. You may be far better than your competitors but that won’t make any difference if your prospects don’t even know you’re in the game. Use social media, word of mouth, cold calling, direct mail, and other tried-and-true marketing techniques. Ensure you have a well-optimized online presence, develop lead generation and contact information capture techniques such as offering high-quality content on your site, a subscriber newsletter, and information giveaways.

    Thanks
     
  2. Sanjiv

    Sanjiv
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    I think, there are a lot of things behind failure of any business.
    If you're a new one then you have to dedicate yourself to get success of your business.
    Communication & feedback is the most important factor for any kind of business that lead you to get success but the thing how you implement and improve yourself, that matters.
     
  3. Vishwas_22

    Vishwas_22
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    Hey Sanjiv,

    Indeed. It takes a lot of effort to make the place in the market. And it takes a substantial amount of time to mark your position.
     
  4. Brazzerz

    Brazzerz
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    Businesses can fail as a result of wars, recessions, high taxation, high interest rates, excessive regulations, poor management decisions, insufficient marketing, inability to compete with other similar businesses, or a lack of interest from the public in the business's offerings.
     
  5. Cage Nicolas

    Cage Nicolas
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    There can be several reasons but mostly they are the following:
    Inability to handle stress.
    A habit of comparing one's business with others.
    Weak communication skills.
    Poor decision making
    Overconfidence
     
  6. MassimoD

    MassimoD
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    Failure?
    - NO education to launch a business
    - No budget
    - The wrong market
    - It is too complicated
    - Wrong business partners

    Rest assured: if you create and grow your mailing list of contacts, you can restart again EASY
     
  7. Sean Maity

    Sean Maity
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    How do you lead well in a corporation or a small business? I find myself asking this question plenty of times when I had a startup in Los Angeles. What does leadership mean to you?
     
    #7 Sean Maity, Feb 14, 2021
    Last edited by a moderator: Feb 14, 2021
  8. Tewel Rogers

    Tewel Rogers
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    One of the main reasons behind the business failures is that they don't know about their potential customers.
     
  9. likeshigh

    likeshigh
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    Thanks for your valuable feedback. Starting a business without strategies or weak strategies increases the chances of a business failing.
     
  10. Tewel Rogers

    Tewel Rogers
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    Sometimes good running businesses fail because they don't change their way of doing business according to new needs with the change of time. So, flexibility is one of the key factors for continuous success.
     

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