Why Most Businesses Fail?
Why Most Businesses Fail? Have you ever take your time to ask yourself, your mentor, or your counselor this question?
What are the possible answers you get from the question?
Do You Find The Answers Relevant?
This question is significant and it is not limited to only existing business owners or employees or marketers. If you are planning to own or establish a business or you want to be a good employee, you need to answer these three questions for you to be successful in your choosing career of business. Below is my view of what most persons took for granted and it causes business failure.
There is this popular saying that if you fail to plan, you are planning to fail. But I want to make it clear to you today that success in business goes beyond planning. It is possible to have an excellent business plan and still fail in business. Having a good business plan and still fail is like a football team with good players and couldn’t win the match or couldn’t win the trophy.
In most cases, most clubs disengage their contract with their coach or team manager because of the team’s failure to win a match or trophy. Realistically, it is not the coach or team manager that appears on the peach playing the football but the excellent players signed by the club do that for the club.
Yet in most cases, the club disengages its contract with the team manager due to the players’ inability to win a match or trophy. Because they believe that the players played according to the team manager’s instructions. If the team wins, the team manager gets the glory and if the team was defeated, the coach or team manager will be blamed. The same goes for the business plan. The good and excellent business plan you sketched does not guarantee success.
“knowledge they say is power”, and power is authority and being in charge or having control over something. This means if you have a clear knowledge about your business, automatically you have control over it. As a result of this, such a business is not supposed to suffer success.
Nevertheless, I still want to make it clear to you that it is possible to have clear knowledge about a business and the business will still fail. This point of mine might surprise you and for other persons that are not surprised by this point, mostly relate it to a spiritual problem.
They mostly think it is the witches or wizards in their father or mother’s house. Some even go as far as making research to see if there is anybody in their lineage facing a similar problem or making reference to the people in their family that has the same or similar challenge and tagged it as a generational cause.
It is a religious belief that “the spiritual controls the physical” which means for anything to happen physically, it has to manifest spiritually. This is not only a religious belief but a general belief to most Africans.
I want to boldly say that it is neither a spiritual problem from witches and wizards nor a generational cause for someone to have a clear knowledge of a business and the business still fails.
Below is a detailed explanation of the necessary steps needed in conjunction with your excellent business plan to make the business successful.
The holy book taught us that wisdom is the principal thing. Therefore if wisdom is the principal thing and the word principal means major or fundamental. That means no business can succeed without wisdom or let me say the success of every business lies in wisdom.
A lot of people couldn’t differentiate between knowledge and wisdom that is why in the second or third paragraph when I say knowledge is power and that a man can have good knowledge about a business and still fail.
The failure is a result of a lack of wisdom. There is a significant difference between knowledge and wisdom, which will be explained in the next paragraph.
Knowledge is something a man knows i.e. the information you have about a particular thing or about a
the particular business is known as knowledge.
Wisdom is the application of knowledge. If a man has strong knowledge about a business and fails to apply it or make use of the knowledge. The best explanation is that he has no wisdom.
That was why I make it clear that having strong knowledge in a particular business does not guarantee success because that knowledge has not been put to work. The only thing that makes you escape failure in business is wisdom.
Wisdom is the first thing that makes the business a success. That is why many persons or companies could be in a particular type of trade or business and only a few will succeed.
In business, there are many competitors and each of the companies or organizations are out for profit, but one company will always dominate and people see the dominant company as the best or the one that offers quality services.
In most cases, the reverse is the case. It is possible for a company to have quality products or offer quality services and the one with less quality will dominate the market. This is not magic. In fact, both companies might have the same quality of business plan or the same drive towards business but the wisdom to execute that plan makes one outshine the other.
There are two types of marketing, which are: Traditional marketing and digital marketing.
Traditional marketing is an extensive way of marketing that integrates many forms of advertising and publicity.
It is the most recognizable types of marketing because it is full of the advertisement we can see and hear every day. Examples are Print on Posters/handbills, billboards, radio/TV broadcasts, etc. and it is expensive while Digital marketing is an online marketing that can be done on a website or blog, social media, etc. and it is less expensive.
It is possible for a company or an organization to use both methods of marketing and still fail if they don’t apply wisdom by putting their customers first with prudential treatment.
Wisdom is the driven key to direction. So, therefore, your relationship with customers should be vital because it will either make you or mar you. Losing one customer is equivalent to losing 50 customers because that one customer will not speak well of the company or product.
Character is needed to maintain good relations with your customers. Your good relationship will help you win the market and the moment that is done, the next is to go and relax.
wisdom is the fundamental thing needed for every business to succeed because without wisdom, unleashing an excellent business plan might be difficult or the same plan that sounds good might cause the business to fail.