Why do so many new business start-ups fail?
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The Challenge
Entrepreneurship and new business creation have become a global phenomenon as they boost economies and create employment opportunities.
The Facts
According to the Central Stastics Office in Ireland, ONLY ONE IN THREE businesses survive beyond three years. There are four problematic areas that consistently pop up:
Operations
They have no business strategy in place
Just bad timing or the initial idea wasn’t strong enough to begin with
People & HR
They didn’t hire the right people at the outset
They entered into a bad partnership
Sales & Marketing
They didn’t understand their market place
Unable or unwilling to adjust to market changes
Poor lack of knowledge around branding
Finance
They had cashflow problems and lacked the skills dealing with money
They had a flawed business plan to begin with