10 MAJOR CAUSES OF FAILURE IN A BUSINESS IN DEVELOPING COUNTRIES

    Let's come now to the major faults of small scale businessmen and co-operative partners who fail because it is just as a essential to know what not to do. According to many business articles and business professionals always point out some causes of failure in small business like capital, skilled labour but their are hidden essential causes of failure in business in developing countries.

       1. lnability to organize and keep records, efficient businessmen should have ability to organize and keep records no genuine businessman is too busy to do anything that maybe required by a business, when an entrepreneur is too busy to change plans or give attention to any emergency, it is an indication of inefficiency a successful entrepreneurs must master all details connected to his/her business.

       2.unwillingness to tender genuine services great entrepreneurs are willing to provide genuine services so as to build trust among your consumers.if your business does not provide genuine services it automatically fails.

      3.Fear of competition from other businesses. An entrepreneur who fear competition from other businesses may practically realize his business detoriating instead of rendering more service and better service than his/her competitors to win market.

      4.Disloyalty entrepreneurs who are not loyal to their trust and to their associates affecting business management, loyalty is one of the major causes of failure in every walk of life.

      5.Lack of imagination. Without imagination, entrepreneurs are incapable of meeting emergencies and creating plans to guide aspecfic business.

      6.Lack of research most entrepreneurs in developing countries never carryout research on specific area of their business resulting into it's failure.

       7.Not having a business plan.Every business not having a business plan always goes no direction in the area of business causing business failure in your field.

       8.Not having the business funding they need each business needs funding without funds no business can exist, a business needs funds to pay workers, rent business stores.

       9.Definiteness of decision, entrepreneurs in most cases never make clear decision on a business transactions, planning and location resulting into business failure.

    10.Lack of good customer care. Customers mostly need care and love from salesmen. As a salesman doing so makes your customers always to buy from you most business in developing countries fail because of this small mistake.

       As of this 21th century business is becoming too competitive and salesmen are looking for new strategies to acquire basic skills of attracting customers to their business with well planned strategies applied you can overcome the market.