Five reasons most businesses fail...

In ‘Now, that’s what I call Business!’ host Brianne West, founder of Ethique and Incrediballs, reflects on her journey from tackling plastic waste in the beauty industry to venturing into sustainable drink-making.

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In this episode, West explores the often-feared topic of failure in the business world. She says that while failure is common, with 65 percent of businesses collapsing within their first decade, it is not the end but a part of the entrepreneurial journey. West highlights five critical reasons for business failures:

1. Money Management: Insufficient capital and poor financial management are significant hurdles. West advises mission-driven entrepreneurs to prioritise financial planning and management, even if the primary motivation isn't profit.

2. Market Demand: A common pitfall is creating a product or service that no one wants. Entrepreneurs must ensure there is a genuine demand for their offerings by engaging with potential customers and conducting market research.‍

3. Customer Service: Neglecting customer service can lead to a loss of loyalty and revenue. Businesses should strive for exceptional customer service, actively seek feedback, and create a community around their brand.‍

4. Team Dynamics: Ineffective leadership and team cohesion can derail a business. Leaders should focus on personal development, clear communication, and fostering a positive company culture.‍

5. Lack of Strategy: A clear, adaptable strategy is essential for navigating the competitive business landscape. Companies need to be flexible, responsive to market changes, and have a well-defined marketing strategy to reach their target audience effectively.

West concludes by reinforcing that failure is not a "dirty word" but an opportunity for growth and learning. She encourages entrepreneurs to take risks, learn from their mistakes, and continue striving for their world-changing visions.

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