Lack of experience Lack of experience is one of the causes of business failure. If you are inexperienced or your management is made up of novices, then your business is likely to fail. When starting a new business, it is advised you get the services of people experienced in that field. No accountability Some people throw accountability into the dustbin because they own the business, Hence, there is no difference between their personal money and business money. They simply spend. You must be accountable for any kobo your business spend and makes. Poor location You cannot start a business where the service is not needed. Making it classy will not make people patronise you. A good market survey is required before a business location is chosen. Failure to understand your market and customers It’s important that you understand your market and customers buying habits. Answering questions about who your customers are and how much they are willing to spend. Overdependence on a single customer If your biggest customer walked out the door and never returned, your organisation or business may be done for. Hence, do not rely on a single customer. Try as much as possible to diversify your customer base. Copying others What worked for Mr A may not work for Mr B. Many people have gone into business or made a business choice because they see others doing it and think they can be successful in it if they try. It is good you add your own idea after proper consultation, that will make you different. Quitting too soon Giving up too early is the biggest reason why many businesses fail. If you do not persist, research, fail and try and try again, you might not be successful in business. Inadequate financing A business will definitely fail if there is no cash flow. Your business needs a steady cash flow to take it through its day to day running. To Receive Free News Updates, Add To Your WhatsApp: 08033857245; For Adverts Enquiries, Call 08083609209, To Publish Your Articles Or News Stories, Email editor@skytrendnews.com. READ ALSO! Between GoDaddy And Namecheap: Making The Best Choice For Domain Name Registrar READ ALSO! Nigeria’s Economy Might Relapse Into Protracted Recession If… — Country’s Central Bank READ ALSO! The Internet’s Future Lies With Its Next Billion Users — Sundar Pichai, Google CEO READ ALSO! Nigerian Army Recovers 48 Corpses Of Soldiers, Others Killed By Boko Haram During NNPC Oil Exploration In Lake Chad READ ALSO! 7 Women Lure Two Men Into Their Car, Rape Them Serially Inside A Bush READ ALSO! Why Celebrity Marriages Will Continue To Crash — Comedian, Bash READ ALSO! Shock As Married Woman Dies In Hotel Room In Enugu With Alleged Lover ]]>