Why do so many new business start-ups fail?
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Entrepreneurship and new business creation have become a global phenomenon as they boost economies and create employment opportunities.
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:
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
They had cashflow problems and lacked the skills dealing with money
They had a flawed business plan to begin with