Category Archives: business failure
Failures That Often Occur In Business
Failures That Often Occur In Business – Failure in business is a natural thing, considering that running a business requires several processes that are able to achieve success. Failure to do business is not even something that always has a bad impact. Any failure can provide motivation for business people to be more active and improve their business performance. So of course the business that is run will increasingly rise from failure and towards success. However, to turn a business failure into a business success requires a strong determination by business people. Business people must continue to be positive in seeing the risk of failure that will or is happening in their business and immediately act to rise. In addition, business people need to know what risks or failures in business often occur so that they are able to prepare and be more careful.
Then what kind of failure in business that often happens? Let’s look at the following reviews:
1. Failure to conceptualize
In business, making this concept is important. This business concept is used as a reflection of the business itself, in other words, this business concept should be in accordance with the type of product or service offered, target marketing and so on. To make conformity between the business concept created and the business being run, it requires various considerations so that it does not become a factor causing failure in business. Failure in business is like failure in making this concept, such as when someone has a pizza culinary business with good quality, but the business can be said to have failed. The failure was due to the wrong business concept, in which the culinary business carried the concept of a lesehan place to eat. Of course it is not suitable to be applied in the culinary business such as pizza.
2. Failure to analyze the market
Analyzing the market in business is useful for knowing consumer needs so that business people can learn about them and try to meet these needs by creating certain products or services. By doing a good and precise market analysis, of course, it will generate a large income for the continuity of the business being run. However, if the business actor is wrong in analyzing the market, it will certainly cause losses because the products or services offered are not in accordance with the needs of consumers so that they are not sold according to the target. For example, in the rainy season where consumers are on the rise, they need a raincoat, umbrella and other warm clothes. However, at that time there were business people who offered household appliances which of course did not suit the needs of consumers and as a result consumers did not buy them.
3. Failure to define a product or service
Determining the product or service offered is an important main point when you want to do business. As a business person, it is necessary to consider various things related to whether or not the product or service to be offered is appropriate. Indeed, basically consumers have different needs, but it is not wrong as a business person to consider what kind of product or service is appropriate to the needs of most consumers. So that with this it will minimize the occurrence of products or services that are not optimally sold and will have an impact on losses or failures in business.
4. Failure to communicate
When running a business, communication is important and needs to be done well. Where with good communication it will avoid the occurrence of various kinds of conflicts that can occur such as misunderstandings that will have an impact on a failure in business. So as a business person, you must be able to communicate well in business, lest when there is an event such as product marketing to consumers, they do not communicate well, for example, do not use polite language or sentences, and speak less gently. If this is done, it will have an impact on consumers’ disinterest in the products or services offered.
5. Failure in selecting human resources
Running a business certainly requires the participation of people who are able to make a real contribution to working together to achieve business success. In making a real contribution, it must be followed by a selection process or screening of existing human resources. The selection process must be carried out properly and carefully because running a business requires people who are capable or competent in terms of soft skills or hard skills. Where of course the hard skills are in accordance with the field of business that will be run and these soft skills will help encourage good skills or performance. So don’t be surprised if many companies or business people take various steps or ways to choose human resources to help run their business. When the process of selecting human resources can be done correctly, business success will also be achieved, whereas if it is wrong to choose human resources, it will have a negative impact, namely failure in business.
Basically failure in business can occur by various factors and can happen to any type of business. However, it doesn’t hurt if you as a candidate or business person know the failure in doing business as discussed above so that you can try to avoid it. That’s our discussion of failures that often occur in the business world, hopefully this article helps and makes you not experience that failure…
This is The Story of The Failure of a Successful Businessman
This is The Story of The Failure of a Successful Businessman – Some people argue, there are people who are born to be successful businessmen. That, business skills are talents, not something that can be learned. It’s easy to look at someone like Jeff Bezos and just view him as the richest person in the world. But in fact, most well-known entrepreneurs have experienced ups and downs to achieve their success.
Take for example the author of the Harry Potter series novels, J.K. Rowling. Before his book sold hundreds of millions of copies and became known to everyone, he was rejected many times by publishers. Even top businessmen like Bill Gates and Jeff Bezos have failed in business.
1. Bill Gates
You may know Bill Gates as one of the richest people in the world. But apparently, the Microsoft founder had failed when he founded a business that provides traffic statistics, Traffic-O-Data. This failure made Bill Gates and his partner, Paul Allen, lose USD 3,494 or which is currently worth Rp 53 million.
But the crash of Traf-O-Data also taught Bill Gates a valuable lesson that was instrumental in Microsoft’s success. Now Bill Gates has a total wealth of USD 91.8 billion or Rp. 1.394 trillion (assuming an exchange rate of Rp. 15,187 per USD).
2. Evan Williams
Williams once tried to build a podcast platform known as Odeo. The platform failed even before it actually started due to improper launch timing.
Odeo launched in conjunction with the release of the podcast feature on iTunes. In the end, Odeo was unable to compete with Apple. This did not make Williams give up. Currently Williams is known as the founder of the social media giant Twitter.
3. Jeff Bezos
Before starting Amazon, Jeff Bezos had a variety of different ideas. In implementing his ideas, Bezos made mistakes that cost him billions of dollars.
Among those ideas was an unsuccessful auction site Amazon Auctions. He later founded the shopping site zShops, which also failed. However, it was these two failures that later became the basis of the Amazon Marketplace.
Also Read : Mindset To Start A Personal Business
4. Arianna Huffington
Arianna is currently very successful as a media tycoon Huffington Post. Who would have thought that behind her success, Arianna was rejected by 36 publishers before finally succeeding in publishing her work.
His persistence paid off. This female businessman has received many awards, one of which was Most Influential Women in Media in 2009.
5. Steve Jobs
Apple is the first tech giant to reach a $1 trillion valuation. However, the company founded by Steve Jobs was not always as brilliant as it is today. When it was first established, several products such as the Apple I and Apple Lisa cost Steve Jobs and his company millions of dollars in losses. He was even fired from his own company until finally being re-hired in 1997.
6. Warren Buffett
The beginning of Warren Buffet’s failure stems from when he was rejected by Harvard Business School. Buffett stated that this rejection turned out to be the “best thing that ever happened”. This refusal landed him at Columbia Business School, where he met a professor named Benjamin Graham.
From Graham, he learned two basic rules of investing: first, never lose money and second, never forget the first rule.
7. Oprah Winfrey
Oprah is one of the successful billionaires on their own sweat. Her talk show program The Oprah Winfrey Show has won numerous awards and is watched by millions of people. Oprah’s success is not built in a day. Early in her career, Oprah was fired from her position as a news reporter. Currently Oprah’s total wealth reaches USD 2 billion or Rp. 30.3 trillion.…
Trivial Causes of Startup Business Failure
Trivial Causes of Startup Business Failure – Business failure, of course, is often found, especially businesses that have just started and started, failure to start this business can occur from several reasons.
Starting a small business is an alternative that is often done by people these days. In addition to increasing small business income, they also do it as a contribution to advancing the national economy.
But it is not uncommon for you to just start a business, small businesses have just failed. I wonder what, trivial things that caused the failure of the small business in question?
1. Lack of capital
This one factor is clearly the main cause of the failure of the small business that you started. For this reason, before starting a business, it is better to first research everything. So that capital does not just run out of production processes.
Take, for example, when you sell hampers in e-commerce, you immediately target vendors with premium quality goods without paying attention to how much capital you have, not yet the money used for packaging and freebies, and also costs for promotions. You might not have returned your investment, but your business is out of business.
Do not choose a business with a large possibility of loss. Although fortunately there are not too many, at least you can still use it as capital to turn your finances again and the production process for the goods you will sell.
2. Wrong in determining the target market
Market research is very important for you to do, here. Don’t get wrong in determining your target market. Setting wrong targets will only make your small business fail quickly.
When you want to sell perfume, decide who you will target as a buyer. Also find out what their general purchasing power is. If you are targeting adolescents aged 15-17 but selling perfume for IDR 250 thousand, – and above, you can be sure, how will your business continue, right?
It’s different if your target market, those who have worked from the age of 23 years and over, their purchasing power tends to be higher and the items you buy they need much more.
3. Lazy to do promotions
We will never know where our buyers come from. At least do a small promotion through the various social media that you have or ask your friends for help. There are also many, you know, now some celebrities want to do endorsements without fixing prices, they even do it for free.
Find out who they are and try to contact them if they are willing to promote your business. This method is arguably quite powerful for bringing in buyers. So, if you are starting a small business, don’t be lazy to do promotions.
4. Not prioritizing the quality of the goods or services being sold
Take for example you are in the thrifting business. You just take a picture of the product, then you just snap out of the sack and just snap it. Explaining the details of the clothes you sell is also incomplete.
You did not include whether there were defects and so on. Also send to customers without going through the washing and ironing process. Yes, guaranteed bad customer reviews directly to your business. Always try to prioritize the quality of the goods, how cheap the prices of the goods are, no matter how small the size is, always give the best.
Show your customers that the goods you are selling are manufactured or packaged with love and dedication. Guaranteed, customers will be coming day by day.
5. Mentally weak and easily give up
Just started a food business by registering to be affiliated with one of the online motorcycle taxi applications, uh the first day was lonely. The second day is also quiet, then on the third day you feel like giving up.
You can’t give up easily and have a weak mentality if you want to enter the business world. Try, do a promotion in the environment closest to you. The tighter the promotion and also because the factor of the delicious food you make is not directly by word of mouth, it will spread by itself.…