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Why do some ppl fail n go bankrupt , insolvency n bankruptcy in business? |
Travel Info Why do some ppl fail n go bankrupt , insolvency n bankruptcy in business? Travel Tips that is because they don't have an African woman working for them. Most African women know how to kept it up. I mean kept a business up and running. Others because they fail to plan It is almost always a failure to plan. They incorrectly estimate the cost, the market, customers, the amount of work or any of several other things. That is why I always suggest a mentor if possible for anyone trying to start a business. There are just so many details to attend to and it only takes one oversight early in a business to cause enough stress to cause that business to fail. If you send me your business idea, I will offer any advice I have on the subject free. I used to teach this subject at university, and I was in business for several decades. The simple reason that someone goes bankrupt is that the person has not enough money to pay his debts. This may seem like a stupid answer, but it is not. The reason people go bankrupt is not that they have no plans, or that they do not plan well enough. The simple reason is that the person either invests more in his business than he earns, or the person needs to take money out of the business to support himself or his family. The way to guarantee that you do not go bankrupt is as follows. First, do not for any reason borrow any money from anyone. This will limit the type and size of the business you can start. Second, maintain a steady source of income apart from your business. Your business will be at first just your hobby, even though you may spend 80 hours a week on your business and 40 hours at your regular job. Third, do not invest a lot in fancy equipment or advertising. Most advertising is a waste of money. How to Succeed: Figure out who your customer will be, what he really wants, and how you can give him what he wants. Work very hard at giving quality service, being honest, reliable, virtuous, etc. Good service gives you a good reputation, which will slowly build your business faster than any advertising. Ask God to help you. If you do not believe in god, then just say "God, if you exist, please help me be a good person and serve others well in this project." Because he does exist and I can say from family business experience that if God is with you, who can overcome you? Don't have the correct people. Don't have the correct planning. Don't have the correct attitude. Don't have the right product at the right place & at the right time. Being too greedy. The most common reason is starting out without sufficient capital {money} to see a least a year pass with minimal profit. |
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