what really lead to collapse of a business / myLot

Abuja, Nigeria

November 24, 2015 6:10pm CST

Business is a social economic activities with the aim of making profit and solving problems.some business dies from inception while some only last for few months before folding up. different factors contribute to the collapse of the business from poor planning, to poor implementation of plans while some didn't carefully carry out the business feasibility studies. But what are those factors that really contribute to early collapse of a business

5 people like this

6 responses

Morning Girl

@salonga (27775)

• Philippines

25 Nov 15

I am not a businessman but I think lack complete knowledge on how to run the business, poor management and lack of good manpower can contribute to its downfall.

3 people like this

Valerie J. Routhieaux

@just4him (317238)

• Green Bay, Wisconsin

25 Nov 15

I think you hit it on the head with poor planning. You need to know where your business is headed before you even get it off the ground. Without solid planning it won't go anywhere. You also need people with vision who will work with you to make the business a success. If you read about the top businesses today and how they got where they are, I think you will see those two points in the top positions of a good business model.

2 people like this

adebowale fatoye

@deaaborfa (63)

• Abuja, Nigeria

25 Nov 15

I strongly agree with you, working with people with visions can make the business go a long way

2 people like this

INDIAN WOMAN

@hema7213 (3517)

• India

25 Nov 15

@deaaborfa different and innovative idea may help in running a business

2 people like this

scheng1

@scheng1 (24649)

• Singapore

26 Nov 15

It is always cash flow. Sometimes a business grows too big and too fast, and there is not enough money to pay for the goods. I think when a business is small, and the suppliers do not extend credit, that is a killer.

Arthur Chappell

@arthurchappell (44998)

• Preston, England

26 Nov 15

short term planning and not paying attention to the needs and initiatives of the workforce is fatal to a business

INDIAN WOMAN

@hema7213 (3517)

• India

25 Nov 15

patience is very necessary when we are tying to run a business....there is time when you are in big losses but you should keep trying and start looking the same business with new startegies

2 people like this

Tiff Gray

@T_gray (7774)

• Salina, Kansas

26 Nov 15

Maybe going in with everything they have and not budgeting properly

2 people like this