By Asaph Mvula
There are a lot of reasons why a business can fail, but allow me to highlight only three in this short article.
1. Lack of business knowledge
Most Africans focus so much on beginning to make profit, while their knowledge on a particular type of business is lacking. Ignorance limits business success, whilst knowledge breaks the limit and gives you an advantage. Before starting any business venture, get enough good quality information on that type of business. Take a business course if you can, read lots of good business books, talk to experts, consult experienced business people etc..
2. Lack of persistence
A business usually takes time to mature & to start doing well. Many quit too soon. Don't give up on that business idea so quickly just because you have made mistakes, loses or failed to make the sales you wanted. Persist: Take a break, do consultations, review and improve your business plans and systems, then start again. Just make sure that you are pursuing an area of business interest in which you will remain passionate about in the long run
3. Inability to work with others
Business isn't for lone rangers. No
business can be successful without working or partnering with others. Develop business
network relationships with people who can add value to your business and to
whose Businesses you can contribute value, people who are informed &
experienced (skilled). Learn to tap from the strengths of the people in your
network. For instance you could have some who are good at connections, business
law, Taxation matters, marketing, product creation, business planning etc.
Ultimately, it pays to be good and relational with other people; it might just
happen that they are the ones having the key that you need for your next level
of business success.
I wish you all the best in all your business endeavours fellow entrepreneurs.
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