journey , and it can be difficult to bounce back from it as not many have the requisite grit . Some of the top reasons for startup failures include : lack of passion ; personal issues ; pricing / cost issues ; a pivot gone wrong ; running out of cash ; no customer traction ; getting out-competed ; losing business focus ; having the wrong team ; poor marketing strategy ; poor product development ; lack of a clear business model ; no market need for one ’ s business ; and last but not least , inability to scale the company in time , among many others that could be unique to your terrain .
To overcome this challenge , try learning from your mistakes , staying positive and persistent , and being open to feedback . Just make sure you don ’ t end up like the guy who tried to make a business out of selling pet rocks ( Google it ).
Starting a business is a challenging journey , but by being aware of the common obstacles and having solutions in mind , you will be better equipped to overcome them .
Remember to stay focused , stay positive and always look for ways to improve . And unoriginal and cringe-worthy as this may sound : honestly , the most important thing is to never give up on your dream and always strive to achieve your goals for the day , week , month and year .
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Building a team of skilled and motivated individuals is essential to the success of any startup . But let us face it , finding the right people can be like trying to find a needle in a haystack . That said , it is no secret that one of the top reasons for small business failure is the inability to manage and develop a cohesive team .
With the right growth mindset , a well thought out business plan and a bit of luck , you can overcome numerous common obstacles and reach success .
If you fail ? Put your ego aside , learn from the experience and try again , this time much wiser .
And if all your best efforts still don ’ t work time and time again ? Well , then maybe it ’ s time to consider a new career as a professional juggler , or a stand-up comedian , as both require similar skills of quick thinking and resilience in the face of failure .
On the other hand , that ’ s why business mentors and coaches were created . If you ’ re ready to turn your business idea into a reality , let me be your guide .
As a business mentor , I will help you navigate the challenges of starting a business and set you on the path to success . If you ’ re ready to make this the year you become an entrepreneur , don ’ t wait any longer - reach out to me today and let ’ s get started .
Jan Okonji is the founder , Business Growth Solutions and an entrepreneur with a passion for turning ideas into profitable businesses . He can be contacted for business support services and advice here , or through his email at : Info @ bizgrowth . club .
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