Some percentage of the businesses fail because they have no market for their product and services. The existence of a market for the product and services is vital for the creation of a business. Because the point of this business is to satisfy the need of the clients. In other words, the idea of a business is based on the needs demanded from the clients. As an example, the Uber company (the biggest taxi driving company) noticed that in the world the internet comes first, and everyone owns a smartphone, no one likes spending time finding a taxi for their commute to work, so they designed an application for everyone in everywhere to access taxi. But how should we identify these ideas and needs?
At first, you should see in what area you possess the information, ability, experience, and most importantly interest. In absence of interest, the end is clear from the beginning.
After determining the area of activity, you should see how your opponents, that work in this area, service and offer their products and what points you can act differently.
Then you should put yourself in clients’ shoes ask yourself what they expect from your business.
Finally, you can use the existing data from your clients. You can collect the data from research centers, cyberspace searches, thoughts, and comments of your opponents’ customers on their website, and more easily by making friendly contact with people and simply asking them, you can move towards satisfying their needs.
2) ignoring your clients
14 percent of small businesses fail because of ignoring their clients. Since every business is created to satisfy a need of their clients (as mentioned previously), all our process and products and services should be according to comments, demands and need of the clients. Ignoring the client is followed by the death of the business. The client is the reason for the consistency of our business and as their demands are not answered, we lose our clients and the earnings are cut. To avoid stepping into such a situation, know that after gaining knowledge about client demands and supplying the product and services, you should keep the connection with the clients and ask for guidance to improve your services. This causes the clients to feel valuable and important and become loyal clients and even act as our marketer and suggest our products and services to the people around them.
Absence of a professional working team
23 percent of the small businesses fail because of the absence of a team or a professional team corresponding to the definition of a team. The existence of a team is necessary. (let’s not say an advantage it is a necessity). A team consists of people having separate skills and working together as a completion to each other. To start a business, you need many skills. If you want to learn them all as single skills, it is not economically and timely beneficial. (But learning is necessary but to start a business you don’t need to learn everything). So, by gathering different people with different skills, coordinating them, and defining a common goal, make your business successful.