business Life Style

6 reasons why most businesses fail

Mbarara News Team has compiled six common mistakes that people tend to make when embarking on their entrepreneurial journeys.

These are the points highlighted why most businesses fail.

1. Wrong motivation

Always make sure that your motivation for starting a business is the right one.

“The most common one is being money driven, most people don’t focus on creating and adding value, they look more into getting rich and owning everything.”

2. Bad decisions

The people you choose to surround yourself with in your business matter a lot for the success of your business.

“Choosing the wrong team, as much as you might have the best business and ideas, if you have the wrong people, all of your dreams and goals will be shattered. The team is meant to elevate and execute your business.”

3. Lack of focus

A business is a commitment so you have to make sure that you are committed to yours and making it work.

“Not being sure of what you want to do, e.g. starting many businesses at once, leaving one unsuccessful business and starting another in the hope that it will do much better than the previous one. If you don’t succeed in one thing, you might not in the next.”

4. Ignoring feedback

Without feedback, you can never know whether you are doing something the right way or the wrong way.

“The customer is always right. Nobody’s business is perfect, customers build your business, and they should always come first no matter what.”

5. Right relationships

This is in relation to your social circle.
“Your friends and partners should have the same drive, goals and vision as you. Also the people you interact with be it on social life or personal life, tells a lot about your interests.”

6. Positivity

Give negativity the boot and the people that come with it.

“Surround yourself with positive people. Those who have your best interest and those who are willing to always make you better. * feel free to add more reasons.”

Now you know what to avoid in order to make your business a success.

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