Reasons why start-ups fail

gbenga oguntayo 10:09 - 31 July 2018

Over the years so many businesses have grown from just been in a startup to a global brand.

But not all rises up to the top, many are likely to fail due to some certain mistakes and wrong decisions, but more often the challenges that faces this businesses are things we ignore and do nothing about.

So i will be sharing some reasons, i hope you will enjoy and learn from.

1. FAILURE TO BRAND:

In some cases businesses in Nigeria especially startups don't brand, and don't understand the importance and how it affects business. Branding is what makes every business standout from each other especially startups .

It's the main reason why Mr A would like to buy from Mr B,if you want your business to grow and strive you have to package and brand from day one.

Package your chairs package everything in your business.

2. LACK OF PATIENCE:

Often times people start business at the verge of making profit, forgetting that they are in business to serve people. To solve a need and in the quest of solving a need it takes time for your brand to gain ground and be influential.

Even Bill Gates was patient enough for microsoft to become what it is today.

So if you most grow you must be patient enough.

3. THE IDEA OF I KNOW IT ALL :

This is a common thing among people these days they don't know but claim to know. This is really important because as soon as the business owner claims he knows,he will eventual finds out he knows nothing and nothing at all.

For you to grow you must learn,you must erase pride and learn. Go to conferences go to seminars and workshops read books of experts in your field. Watch videos , listen to audios all of these is what you must do.

4. POOR CUSTOMER SERVICE :

Customer service is not just at the banks only. customer service must be applied in your business if you want to be relevant in the marketplace .

Like i said you are in business for the people. Until you serve them value you can't expect them to buy or pay you.

You must learn to serve your customers right by all ways maybe a smile at the door maybe a welcome greeting. but make sure they are satisfied and happy.

5. FAILURE TO BUILD AN ONLINE PRESENCE :

In this modern age of technology one of the things you must not ignore and must not joke with is the internet .

Today there are more people using the internet today,than it were some years back. This means that most business that refused to acknowledge and leverage on the internet are becoming extinct. Meaning they don't exist.

And as the day goes by more people in rural areas are also going to start using the internet as the case maybe .

Meaning there are more people who could be your potential customers on the internet, and since it is global the market is big.

So leverage on it by getting a digital marketer or you start a social media account,get a website, get an app,get a google my business page for your business details to appear on google .

6. FAILURE TO SYNERGISE WITH OTHER BRANDS

Most people who venture into business, have no idea, how collaboration can help their business to grow.

For example you run a bakery as a startup, to gain more awareness and more customers you need to then synergise or partner with a restaurant or a food shop,that already have existing customers and also sell something that compliments your Business.

So these are the few tips i have been able to give in order for you to learn and grow in your business.

Written by Solomon Temple.

Solomon Temple is bent on rebranding the minds of young folks. Through blogging, thereby making positive impact through my passion. Instagram: soloscrib twitter: soloscribonline facebook: soloscrib soloscrib.com.ng