What are the reasons for closing a business?

Hey dude!

Starting a business is not at all an easy task. Before starting a business, each entrepreneur has to analyze every side of that business. The entrepreneur who is running in the business race will not get a champion flag, implies we cannot predict that each business will get a victory.

According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. To start any business you need a strong base, in the sense, you need lots and lots of knowledge about your business. Even some people may also ask that I, have started my business with lots of learning as you said, but still, my business faced a failure.

Having a wide knowledge alone will not make your business success, you have to know to predict the future of that business. There are certain things which are the main reasons to close your business. Before explaining you technically we just go for a simple example.

Consider if you are planning for a trip, party or any vacation what you do first?

Yeah! That's correct.

You start to analyze various things like what to wear(Analyzation), Is that a perfect place to go(Targeted Audience and Place), how will be others dress(Competitors).

Now let's see the various things:

1.Lack of planning.

2.Lack of competitor analysis.

3.Poor management.

4.Poor location.

5.Lack of focus on your Vision and Mission.

6.Wrong Partners.

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