“It’s not the plan that is important, it’s the planning.” Dr. Graeme Edwards

It is a sad truth that the life of an entrepreneur is not a bed of roses and it is a great mystery why many of them fail. Some are very successful, some are successful and some fail quite miserably. The worst part is, an entrepreneur himself won’t realize his startup falling apart sometimes.

We don’t t start a startup to fail, but what makes it a failure?

Let’s see a few reasons why a startup with great potential fails.

• Failure in Planning

It is a well-known fact a company needs a well-constructed plan A, B, and C, to succeed.
But in many cases, the entrepreneur fails to create plans and knowingly or unknowingly, causes trouble in the imminent future which results in the possibility of failure of that company.

• Leadership

Having a great product or a great plan is not enough. If an entrepreneur doesn’t have leadership skills, how does he/she can make their employees work according to the plans or how are they supposed to advertise the products? Hence, leadership quality also plays a big role in making a startup/business successful.

• Not being a listener

“No one knows everything, but everyone knows something”. So an entrepreneur needs to listen to anyone and everyone, who knows sometimes people speak trash, sometimes gold can be mined. Hence an entrepreneur must be a good listener. And we might lose some valid points which could’ve made the startup meet the skyline if we are not ready to listen.

• Location

Poor location selection can stab you from behind as you go on. What would’ve happened, if Sridhar Vembu, decided to initially start his business at Tanjavur, he would’ve failed miserably. But it is important to give priority to towns and villages as we move on, so it is better to start your business somewhere with all facilities and slowly spread them through the villages, towns, etc as well.

• Inability to learn from Failures

An entrepreneur needs to learn from his/her own mistakes, at the same time he/she should make time to find why other entrepreneurs failed as well if possible. Because it will help you to differentiate what to do or not to do next. And if an entrepreneur is not able or ready to learn from mistakes, the possibility of him/her become successful is thin – very thin.

Lack of Capital

Lacking capital, to begin with, causes the failure of a startup before it even begins. It is important to find initial capital before entering the market. If not the journey would be a walk on the rope and the probability of failure would be gigantic.

• Lack of focus

A cutting edge in the market, that’s what you might sacrifice if you are not focusing on your startup. You need to understand your product, your capital, and your plans and focus on a breakthrough moment to show up. Sacrificing that cutting edge consequentially digs its own grave.

Thus let’s conclude by understanding all these points and work towards excellence

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