Why is failure frequency of new business high?
In last couple of year, I gave thousands of answers about business queries to mosaic Hub and direct my own clients, in these questions, 50% common query how start a new business? Or why is my new business declined? I reply all of them, you have not business plan or maybe you have poor business plan.
So I want to define in the following points about the relations of business plan and business declination:
1-They did that type of business, which is not alien of their previous experience.
2-Poor home-work about the business scenario and most of stranger business-man think that they know all the ups and down about this business actually somebody says and right says “only goof know the all knowledge”.
3-Poor study of competitor/no study.
4-Poor judgment or overestimation of their own skills.
5-No training standard of team/ self
6-Launching of business is without any Operation Research (OR) model.
7-They had burned own capital amount without financial policy.
8-There are not proper uses of technologies.
These are the some points from the many blunders of those peoples who could not follow any business plan as a business consultant and as a business coach my experience is, that most of people do not want to learn from their mistakes because, they are became lazy day by day with the respect of body, with the respect of brain,…
Now, I tell you about the solution of above queries:
1-Attend educational training program from professional.
2-First make business plan then launching business.
3-Poper use technologies.