| json_metadata | "{"app":"Musing","appTags":["Business"],"appCategory":"Business","appTitle":"What makes some entrepreneurs fail during their first year in a business?","appBody":"<p>We must always remember that - \"Failure is a stepping stone to success\". So failing is your initial days of entrepreneurship is fine and shouldn't be treated as something that you cannot do a business. There are many examples in front of us where famous personalities like- Steve Jobs - founder of Apple company, Reid Hoffman co-founder of LinkedIn, Lawrence Ellison founder Oracle and many others - who failed and a couple of times before making it to fortunes top 100 companies list. The point is a person should fear the failure and should treat it as a stepping stone for success.</p>\n<p>There are a couple of reasons that could contribute towards the initial days i.e. the first year of entrepreneurship:-</p>\n<p>- <strong>Lack of experience </strong>- when we start new we fall short of that experience which is very critically component in being a successful businessman. Experience does matter when you are competing with products and big organization that is well established and has the majority of the market share. And experience is something which you gain as you make progress - and during initial days heavily rely on the experts in your team.</p>\n<p>- <strong>Shortage of funds</strong> - this is another reason where entrepreneurs fail during their first year in a business. Funds are limited as we know and since starting fresh and new a person could land in scenarios where he or she does need that extra cash to proceed with his Business. Shortages in funds at times are a reason for the failure of businesses during the initial days.</p>\n<p>- <strong>Product quality</strong> - if you have a product that isn't meeting market expectations in terms of quality that this could also cause a failure. The product which is very good but doesn't stand out in terms of robustness and quality could be another reason to failure in the business.</p>\n<p>These were some of the main reasons that contribute to the failure of entrepreneurs during their first year in a business. But as I said failure should not be treated as a demotivation - rather it should be treated as a reflection that gives you the indicators on the areas of improvement. Considering our points that are listed i.e. - experience, funds, and quality - if an entrepreneur makes an action plan to overcome these problems in some manner that there no doubt that he would be succeeding in his business for sure.</p>","appDepth":2,"appParentPermlink":"p3wpd6ed5","appParentAuthor":"palongo","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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