These are Top 7 Business Ideas that Guaranty Financial Freedom you can startup a small scale business with If you’re still stuck on startup ideas that you can launch while holding down a job. However, if you have a background in finance, or would like to pursue the schooling, reading Top 7 Business Ideas that Guaranty Financial Freedom might be the right small business idea for you. Not all business is a success. Many things have contributed to the failures, winding-up and folding up of many businesses, among which are:
7. LACK OF MANAGERIAL EXPERIENCE:
The entrepreneur may lack knowledge in the management of these resources e.g Money, Material and Machinery.
6. WRONG BUSINESS DECISION:
This is when entrepreneur does not know how to run the enterprise and so makes wrong decisions which might lead to failure. This is usually risky and many of our business have folded up because of these reasons.
5. LACK OF KNOWLEDGE AND EXPERIENCE IN THE CHOSEN LINE OF BUSINESS:
Here the entrepreneur lacks the knowledge of operational methods, procedures and a policy if the entrepreneur does not possess this; the business is heading towards a doom.
4. POOR MANAGEMENT:
Many business operators are lacking the basic principles of management, which will help them organize, plan and control their business. They get frustrated when they come across some management problems which when not handled carefully can sink their business, which took time to build.
3. POOR BUSINESS LOCATION:
Location and setting of business matters a lot, where a business is located in an interior area where customers are not easily reached. The products and services of that business may not hit the desired sales and then revenue and which may therefore lack good capital for expansion and growth purposes.
Many of these small and medium scale enterprises can hardly survive in an environment where competition is keen, many of these businesses hardly survive in an area where you have some entrepreneurs who are so financially sound, to expand and even set their products at lower prices.
1. SWIFT TOWARDS MODERN TECHNOLOGY:
The present technological trend has made it possible to introduce more quality product in today market, making it difficult for the poorer entrepreneurs to cope with the trends. Many business men and women are still depending on their local methods of productions, obviously, if there is no improvement they will also collapse.