25 REASONS WHY BUSINESSES FAIL AND HOW TO PREVENT IT by Patrice Tsague
“Therefore whoever hears these sayings of Mine, and does them, I will liken him to a wise man who built his house on the rock: and the rain descended, the floods came, and the winds blew and beat on that house; and it did not fall, for it was founded on the rock.” – Matthew 7:24-25 (NKJV)
Since sin entered the world through Adam and Eve’s disobedience, death has become a part of the human experience. People and organizations die. However, just as you can extend an individual’s life through diet, exercise, and self-care, the life of a business can also be prolonged and fortified. Before delving into how to prevent business failure or, at the very least, extend its lifespan, let’s explore the top 25 reasons why businesses commonly fail.
Here are the reasons why:
Under funding
Lack of planning
Inadequate management team
Ineffective marketing
Lack of preparation
Unwise counsel
Lack of innovation
Complacency
Premature launch
Moral failure
Lack of community
Lack or insufficient systems
Rapid growth
Bad management
Lack of focus and perseverance
Health failure
Government interference
Natural disaster
Marital instability
Family dysfunction
Bribery and extortion
Terrorism
Lack of clarity of purpose and mission
Pride
No exit strategy
Drawing from my 25 years of experience working with entrepreneurs across diverse backgrounds, industries, and business stages, though you can not prevent business failure, I believe it is possible to increase your chances of business success by at least 50%.
written by Patrice Tsague of Nehemiah Entrepreneurship Community
Dates: 1/24/2024 thru 3/20/2024 @ 10am to 11:30am EST