Seven Deadly Reasons of Business Failures and How to Avoid It?

Top Seven Deadly Reasons of Business Failures and How to Avoid?

A survey by CB Insights has compiled ranges of study on businesses that failed. The report found 20 top reasons, naming absence of market, lack of capital and a startup team which did not fit for the job in the top three.

Whilst the report listed 20 reasons, I decided to only focus on 7 most deadly reasons you need to pay more attention to and how to overcome it:

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Lesson We Can Learn From Starbucks. How Starbucks Did It?

How Starbucks Did It? (5 Must-Learn Best Business Lessons)

“We’re taking time to perfect our espresso. Great espresso requires practice. That’s why we are dedicating ourselves to honing our craft.”

February 2008, Starbucks made it on top news headline that it has shut down its US operations. Speculations and rumors started brewing in the media fearing for the worse.

For Howard, apart from the headache he suffered from the company’s recent losses, he knew the operation shutdown happened for right reasons. The losses and problems made him to take drastic measures for the company he built. In short, he ordered the shutdown because he cared.

Here’s the four must-learn best lessons from Starbucks’ shutdown in 2008:

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6 Important Questions You Must Answer Before Becoming Entrepreneur

6 Important Questions You Must Answer Before Becoming An Entrepreneur

Based on the statistics by Small Business Administration (SBA), about 50% businesses fail in the first year and 95% fail in five years, US alone. What’s even worse, the report has identified that many failed due to starting business for wrong reasons. Poor business planning and no website were primary contributors too.

It does look discouraging for new aspiring entrepreneurs. Identifying the problems are one thing, but how do you know whether you’re certain that entrepreneurship is the one for you. Here are the 6 important questions you must answer:

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Ways to Increase Brand Awareness on Instagram

Best Ways to Increase Brand Awareness On Instagram (4 Ways)

Based on an article by ClickZ last year, it was reported Instagram users posted an average of 80 million photos per day. This is great news for businesses who are looking to extend its reach to additional consumers.

However, if you look at it from another aspect, the amount of photos updated each day makes it difficult for small businesses to grow. The huge number of uploads makes it too saturated, difficult for new businesses to improve its brand awareness.

Whilst many experts have suggested the idea of following users, liking, commenting and hashtag-ing to help grow brand, I’d recommend to focus more on creating a much more innovative and creative content.

Do not be mistaken that liking and commenting other users do not work. I still feel it does, but it should be focused less. Set it as your second priority. It’s about your Instagram content management that you need to pay more attention.

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3 Easy Ways to Showcase Your Product’s Quality Online

Showcasing your product online is a crucial element of great online content. Since consumers find it difficult to visualize the product online, it becomes your priority to invest more resources on ensuring the message does not get lost.

Whilst hiring online content manager is a recommended solution, most startups simply could not afford to do so due to their ridiculous rate, giving established businesses the upper hand.

All that said, I sat down and reflected on it. Here are 3 cost-effective methods to showcase your brand’s service online:

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Don’t Fall for These 5 Deadly Myths of Startups

As every aspiring entrepreneur ought to be, we tend to listen advises from people about creating, running and growing startups.

But how do you know which advice to take, and which myth advises you don’t fall for. Here are 5 deadly myths about startups:

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