What Are the Top 5 Reasons Businesses Fail

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This list came from a survey I did of common answers to this question.

  1. Lack of work ethic –  starting a business may require working 60+ hours per week. As the saying goes, “I’m working 60 hours a week so I don’t have to work 40.”
  2. Poor money management – not properly managing your cash flow kills a lot of companies, even if they generate plenty of revenue.
  3. Competition – plenty of examples of larger competitors forcing smaller ones out of the market by temporarily lowering their selling prices etc.
  4. Not measuring performance – looking at your revenue and cash available in the bank isn’t good enough. Performance metrics must be established early, tracked and improved where possible
  5. Dependency – having a few large clients who make up most of the business’ income is a problem. A business should have diversified sources of income.

And yet, all of this can be traced back to one thing. Drive. What pushes someone to work 60 hours a week, manage every dollar, scrap with huge competition, measure performance and go after more and more clients? Drive. That thing inside you that makes it all worth while.

It’s so important that you get that right, that you do something that matters to you. 

Don’t set out to do something big, only to find you were chasing money. Do something that matters, make something that counts. When you do that, you’ll have all the drive you need.

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