7 Reasons Why Businesses Fail ...

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Starting up a business takes more than just an idea and lots of money.

Many people think that having these two things is all that is required to create a successful business and that it can be done in a short amount of time.

Here are 7 reasons why businesses fail.

Even though many businesses fail from a combination of the reasons below, it only takes one to really cause a new business to flounder a bit.

7. Lack of Investment in RND and in on-going RND

Lack of Investment in RND and in on-going RND

Photo Credit: von_brandis

RND stands for Research and Development, which is often the driving force behind a successful start to many businesses.

When there is little investment made into this part of a business, then the quality of the product or service tends to be rather weak.

It’s also important to be prepared to develop something bigger and better later on if a competitor comes up with a product that surpasses your current design.

Poor Management
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