7 Things That Can Kill a Business
The aim of any Business owner or Entrepreneur is to make profit and not kill the business. There are few things that can kill a business either on a small scale or large scale which will be discussed below.
The Growth and death of a Business depends on how the business owner handles it and its management. Below are things that can actually kill a business;
1. Laziness: Laziness is a fast way to kill a business in the sense that when a business owner is lazy, such business will not grow.
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2. Lateness: As popularly believed, punctuality is the soul of business. Lateness to work, office, and place of business seems to be a poor way to start because it cause customers to stay away from such business or company
3. Poor Management: The inability of the manager or business to give proper management system result to downfall of a business. To enhance a small or large business, good management is a factor that does that.
4. Low Capital ; When the money invested in business is small and actually too low may crash a business. When the business owner could not make some financial decision or purchase due to lack, then the business is ready to die.
5. Reckless Spending: The day an entrepreneur, investor,business owner or manager of a business begins to spend business profit and income recklessly on women, alcohol, gamble etc, then such business will die slowly with time.
6. Poor Accounting: Mismanagement of account, wrong recording and lack of payment details kill business fast because it brings fraud based lack of proper account.
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7. Lack Knowledge: This is one of the things that kill business very fast. If the owner manager or workers lack basic understanding of the business and its operation, then its poor and can cause collapse of business
These are the things that can kill a business and as a business owner or anyone who wants to start a business, you need to consider the following factors in order not to kill your business. Thanks for reading.