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10 Reasons Why Most Businesses Fail
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Besides I don`t think I was talking down....I think I was trying to talk you two guys down. there`s a difference. Do I have ta get the water balloons out again???
No problem. I think a few of us had a meltdown. This should be a good lesson for all of us. We should all watch our tone, and be respectful when we interact with each other.
David Jackson
I was trying to explain, you don`t need a full blow business plan in the begining, As a matter a fact, you shouldn`t even start your business plan until you test the waters, gain some momentum, and then, knock youself out [write a business plan].
I always say, a business plans is not written on stone or theory, it`s written based on experiences.
In the begining stages, it is wiser, to plan "yes" make a list, address those issues, and when you think you`ve gathered enough data, write the business plan...
Dave you just stated "but your first plan will go buns up as soon as you really start to
learn about your market, challenges, mistakes in what you "thought" you
knew".
Now, lets try something different! How much can a new business owner know about his market? Why not learn about your market, the challenges you will face, and learn from others mistakes and then build the perfect business plan from past experiences, history and market trends?
My personal opinion: Many small businesses fail because they spend countless hours on their business plans, they swear by them - and don`t give themselves room for growth nor imagination.
From personal experience: Failure has a postive side to it aswell, sometimes failure is what makes a business owner stronger and more aggressive. The negative side of failure was mean for you to react, the positive side was made for you to learn.
If I would have known this when I first started my own business, believe me.... it wouldn`t have been a challenge, People "You are your business plan", A succesful business owner knows that a true business plan is not written on paper or stone, it`s in your heart...
Quick Advise: Remember that when you are in business, you are running a business not a niceness. Nuevolution2/13/2009 12:55 PM
There is no such thing as a perfect business plan, because market trends change.
David Jackson
DavidJackson4/10/2009 1:49 PM
Why not learn about your market, the challenges you will face, and learn from others mistakes and then build the perfect business plan from past experiences, history and market trends?
First of all, there is no such thing as a perfect business plan. Second, market trends change. David Jackson
[/QUOTE
ISN`T THAT WHAT YOU ARE PREACHING? RULE NUMBER ONE [whinning] You are not successful if you don`t have a business plan....
David,
Yes the market, trends, and the way we conduct business change almost every day which is why you should learn about your market first before writing a document. If it takes you 6 months to complete your business plan, by the time you`re done its obsolete...
David Jackson
<<<busy running my business my niceness just sort of limps along.
Yes Edgar there`s no difference between Dave and David. We belong to the same club and "we have jackets". So not to confuse you anymore, I`ll be Mr. Barnes and he`ll be Mr.Jackson and you`ll still be Edgar OK?
Now that we`ve killed the topic of business plans... let`s move to another of the hot points.
#2. They`re incompetent
I don`t know how long you guys have run your own businesses, I`ve been self-employed all my life and I just turned 53. And I don`t mind saying I know I was incompetent. And if the truth be known, everybody is, "first time" around. However, that being said, They don`t fail because they start out incompetent. They fail because they stay that way...
Let the games begin!!!
Just a note about your website... your "Get your SSL certificate" button isn`t working. Here`s the page link: http://www.nuevolution.net/ssl-certific ... y_work.php
#2. They`re incompetent I don`t know how long you guys have run your own businesses, I`ve been self-employed all my life and I just turned 53. And I don`t mind saying I know I was incompetent. And if the truth be known, everybody is, "first time" around. However, that being said, They don`t fail because they start out incompetent. They fail because they stay that way... Dave, I`m 43 and I`ve been self-employed for almost 20 years. That`s nearly half my life. And I disagree that everyone starts out incompetent. Let me explain: Before I started my own business, I had an extensive sales and marketing background - including a couple of management positions. In addition, I had an insatiable thirst for knowledge. So, I took business classes and I read tons of sales and marketing books to increase my knowledge. As a result, when I began working for myself, I was hardly incompetent. I had a good grasp of business, and the industry that I was working in. Consequently, things went a lot smoother for me because of my knowledge base. Yes, I still made mistakes, but they weren`t as devastating for me as they could have been, because of my knowledge base. Now there are many individuals who start a business without knowing anything about their industry. They don`t take any kind of business classes, nor do they attempt to learn anything about their industry. Nothing. Nada. Zilch! In addition, they don`t have any type of sales or marketing knowledge. And again, they don`t even attempt to learn. They never pick up a book. And they never do anything to increase their knowledge base. Sorry...but these people are incompetent! Dave, is it possible when you said you started out incompetent you meant inexperienced? Because if that`s what you meant, then I agree with you 100%. Because everyone who starts a business for the first time starts out inexperienced. Now I believe when you write an article, you should be willing to defend that article and argue your beliefs and opinions. And I`m happy to debate anyone, as long as we can do so civilly and respectfully. So yeah, let the games begin! David JacksonDavidJackson2/14/2009 10:09 AM
I can appreciate your enthusiasim for your business and history. Maybe you`re just one of those special guys that have it all goin` on. But I still stand by my statement. And after reading your last comment, I think you agree too. People fail not because they started out incompetent, but because they stayed that way.
Take a look back my friend...There isn`t anything you didn`t learn, change about yourself, or discover after you started your business?? Sure it sounds like you did the best you could to prepare yourself, but was that process perfect?
Me? Heck ya!.... I hated numbers, they gave me headaches. But I had to learn about proper accounting and bookeeping proceedures. I liked working with my hands, and found that there were a lots of things that would have been better delegated for a better use of my time. I had to struggle with my own ego (on a few levels) and realize that others might have a good idea too (once in a while )
So maybe #2 should be that people fail because they refused to learn from their mistakes, grow as individuals, or look to others to help.
Game on big guy!
Take a look back my friend...There isn`t anything you didn`t learn, change about yourself, or discover after you started your business?? Sure it sounds like you did the best you could to prepare yourself, but was that process perfect? So maybe #2 should be that people fail because they refused to learn from their mistakes, grow as individuals, or look to others to help. Good morning, Dave. I thought we`d be able to quickly reach some type of consensus on this issue, but after reading your last comment, we`re not even close. Look, I`ve already stated that I made mistakes along the way. But I don`t consider the mistakes I made incompetence. I attribute them to a lack of experience. As far as redefining reason #2 to fit your argument, that`s not going to happen. I`ve aptly covered that in reason #9. And just so there`s no confusion, Incompetence is defined as: "The inability to perform; lack of Competence; ineptitude." Now I don`t know about you, but I`ve never been anything but competent since I`ve been in business for myself. However, if you want to continue to argue that you were incompetent when you first started out, more power to you. As far as I`m concerned, you can label yourself anything you like. Let`s face it, Dave. There are some people who shouldn`t be in business for themselves. Period. They`re just not cut out for it. They`re incompetent when it comes to business. There`s no debating, or rationalizing that fact. Would they be able to succeed at something else? Who knows. But that`s an argument for another day. David JacksonDavidJackson2/14/2009 3:45 PM
#1: They Give Up Too Soon
#2: They Don`t Learn From Their Mistakes
(I liked your #9)
The rest of your 10 can be overcome, if they learn from those mistakes, and don`t give up.
But I do like this quote: http://www.despair.com/stup24x30pri.html
They don`t have a "vision". Some people can`t see beyond the $$$. They know they want to make money and they have some idea of a plan but they can`t visualize it. That`s a post in itself.
Jeanne, this is so well said I decided to quote your entire comment. Thank you!
David Jackson
#11. Pride and Egos - The biggest failure in business is Pride, caused by the business owner`s ego.
I`m not saying you should have pride in your passion, just learn to listen, allow feed back from others, Don`t try to run your business on your own... Don`t assume that you can wear 20 different hats and survive.
Hire when it`s time for you to hire, and listen to what others are telling you. About two years ago, I had a customer that started out his business with $2,500.00, in less than a year he became very successful, and reached 3 million in sales. Now, this was someone to admire, he had the vision, he pursued his passion and made it big.
His "biggest mistake" not knowing how to put his pride down because his ego got in the way.
Everytime, someone would try to give him advise, he would get defensive and tell you "It`s my business and I`m going to run it my way" Don`t tell me how to run my business.
Well, so much for this fella! In January he closed. I can`t believe he plunged a successful business to the ground because of his ego.
His ego, was just 10 percent of the equation, his obcession with women, and alcohol where the root of his failure....
So, to make the story short! learn to listen and put your ego away...