Reason for Failure and Visible Problem
Transcript of Reason for Failure and Visible Problem
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Lacking Feedback:–In new business when feed back or communication is not existing between the various parties of a unit than there will be a hurdle in entrepreneurship.
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Absence of Internal control: –Control over the business comes from the internal side of the business specially for a new entrepreneur. So less internal control always be a problem.
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Team Building:–A new business depends on the coordination and team efforts .lacking with team building always be a problem for entrepreneur.
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Career risk:—loss of employment security can be a problem for starting a new business because if entrepreneur don’t get success than he also loosing an employment opportunity for himself.
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Non-availability of raw-material
Unfavorable change in govt.
The external causes are beyond the control of the industry & usually effect the industry group as a
whole.
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Industrial strikes, etc.
Irregular supply of vital inputs such as power, water, etc
Fiscal irregularities
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Shortage of working capitalLack of Industry ExperiencePoor Business PlanningLack of Entrepreneurial SkillExtending too much credit and poor credit control
The internal causes are within the control of the industry.
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Lack of control on key areas like management, finance, inventory, etc.
An improper demand forecast for the products to be sold.
Wrong choice of technology, wrong location etc.
Poor pricing strategies
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Inability to reach decisions and act on them
Poor personnel relations
Poor relations with suppliers
Lack of quality processes
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Poor customer relations
Failure to anticipate market trends
Failure to promote and maintain a favorable public image
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