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There is this saying that a business can't say that it is successful unless they survive the first 2 years. What would you say is the reason some businesses fail?
Why do businesses fail?
- Thread started by Henrywrites
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I would say location, the people working there, and the efficiency needed to pay the taxes. Some don't have the location. Some rely more on luck than others based on the volatility of money as it is. More people working means more money willing to pay for help too, so it just becomes a cycle. Big businesses or eCommerce have more options for location but if you are inefficient and rely on extra income they are more likely to fail.
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Don't understand the people, poor leadership, not supporting the workers. So many reasons.
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Location is a big factor and these big companies can pick the best locations without even minding what it will take.
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If you own land and can pay for it you win in Monopoly.
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Not always.
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When you look at it from another angle, a wicked government can frustrate even land owners.
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Poor management of resources can kill off a business in weeks. So, it is a key factor any business owner should observe closely.
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Spending too much money right out of the gate.
If you don't have the business coming in when you start up, then you are spending more money than your making so the company will quickly go under. Getting people in the door and spending money is going to be the hardest part.
If you don't have the business coming in when you start up, then you are spending more money than your making so the company will quickly go under. Getting people in the door and spending money is going to be the hardest part.
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A lot of people don't even focus on whether the business is making profits or not. This is what kill most of these businesses.
If you can't manage what you have in your business, it's dead on its track.
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I agree with you on this. One has to be in total control else the business will fail.
If you can't do it alone, hire pros to help you out and pay them.
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That is for one that got that ability to hire pros, right?
You don't need to have an ability to do so. It's your money that will do it for you.
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The ability that I am talking about is money.
Hahaha, okay that's answered then.
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Thank you, lol. A person with enough money got big abilities.
Money solves almost everything. So, yeah that's correct.