Failure is the worst thing and become the most feared by a businessman or entrepreneur. Failure never indiscriminately to anyone that failure will occur. Both failures have a major impact or failures affecting small though.
However, what if the failure would occur to you? You will feel deep pain. But do not worry it will not happen to you, because here you will know how to deal with failure.
Here are some of the factors that cause the failure of your small business and how to cope:
1. Think weak in entrepreneurship
Perhaps the cause of the failure in business because you think you are weak in entrepreneurship. Instead, start your business by knowing what you want to make as a business and why you want to do business in that field?
This should really you think of it now and start a reality check.
Without passion, without the mental and physical stamina, or without the attitude you can receive all the worst in the business, your business will never advance.
2. Poor planning
Another cause is the failure of your small business because of your poor business planning. And your lack of preparedness to run the business.
Begin to think ahead so that you can overcome any problems that will be encountered and can avoid failure.
3. Lack of funds
Lack of funds may be a factor that often affects a business. The number of startups that fail to secure operational funding makes it difficult to face the first few months.
Perhaps there are many who underestimate the capital required for the business undertaken. Though it will be fatal. Instead, start thinking of the funds carefully so that you are not burdened in the future.
4. The location is wrong
Have you ever suspected that one of the causes of your failure is selecting the wrong location. Therefore, from now on also think of where your business locations. Look for a strategic location that brings a lot of customers, ample parking, clean, comfortable, and others.
If you choose the location of empty buildings that previously had been occupied by others to do business then you must know beforehand why these people choose to move. So you do not repeat the mistakes for the second time.
5. Ineffective Marketing
Ineffective marketing may be one cause of the failure of your small business. How can customers interested in your business if they do not know about your business. Should start by requesting the services of professionals who can handle everything well.
6. Hiring the wrong person
Start hiring people who have a sense of responsibility and hard work are high also can show their skills. With so your business will be more advanced and far from a failure.
7. Mistakenly assessing competitors
Underestimating competitors will be fatal to your business. Never once in a while you underestimate and even ignore your competitors. But start preparing for the failure.