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Blog: Blog2

5 Causes of Colossal Failure in Business...

Why do so many businesses fail?

It's a touchy subject, heart breaking stuff.

In today’s world a whopping 8 out of 10 entrepreneurs who venture out to start business FAIL within the first 2 years. 80% absolutely crash and burn.

Why is this? Is there anything we can actually learn from the woeful failures within these small businesses that can be applied to our own individual business aspirations?

In my last few years of business, and through my personal exposure to many entrepreneurs via my business Beon Group Australia I have witnessed plenty.

On face value the primary reasoning for this colossal failure is that these businesses simply run out of cash. But of course, this runs so much deeper, with the cracks in the foundation of the business starting well and truly before the final day of collapse.

Here are 5 reasons for this failure and most importantly, what YOU can do to avoid it yourself...

1. Zero connection with clientele – No deep dialogue

Something special happens when an entrepreneur sees a possible opportunity in the market or conceptualises a brand-new idea for a product/service. They RETREAT to a cave!

This is truly a horrific move. In fact, the worst move an entrepreneur can make. Having an absolute understanding of your customer is imperative to your success. In my experience, this is the worst move an entrepreneur can make because complete understanding of your customer is imperative to the success of any business. In my opinion, these entrepreneurs need to be walking at least 1,000 miles in the shoes of their clients. Not 5, 10, 20 or 100… ONE THOUSAND MILES!