It is with much hope that every entrepreneur sets off starting a Small Business. Making money was his main objective. Failure was never in his mind but things don’t seem to happen the way he had planned for. Even the hope for Survival seems to have disappeared and Failure haunts him at every turn. Why does this happen and happen so often to numerous small business entrepreneurs?
1. Improper or No Research:
The most fundamental thing to do before starting a small business is to do a market research to find out whether there is sufficient demand for the product or products you have to offer.
Perhaps the reason for the failure to generate the funds is that there is no market for your product or the market is saturated. The need for your product in your area of business activity should be your prime consideration before starting a small business. Only if there is sufficient demand for your products, you will be able to generate the funds necessary to help you run your small business, survive and succeed.
2. Improper or Under Funding:
Quite often the urge to start a small business is so great that the very vital aspect of funding is not given...