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