You wanted to buy a phone but you suddenly become torn between buying a Motorola or perhaps go with Apple brand. But eventually you picked Apple because everyone recommends that to you. If you are one of the makers, it surely be hard for you to compete with other brands. But competition is part of challenges that will make you grow. But whenever you fail those challenges, it might lead you to a troublesome state and need to call a bankruptcy attorney Oakland to help your situation.
More people now are staring to run their own businesses. However, many failed every single day after many months and years. Based on a statistics, 49 percent failed after their first five consecutive years. On the other hand, 30 percent never reached at least two years. It does made you questioned on why it happened.
As mentioned above, the path is quite risky. And for beginners, they might somehow get intimidated to start their own. You might have the perfect ideas to sell in the markets. You might also have the good quality of workers who would help you in achieving your goals. But regardless of that, you also might be missing with some elements which became your downfall later on.
Finding customers are also hard especially when most of them are quite satisfied with what they have. Meaning, they do not necessarily need to make some purchase from your company. Furthermore, you also have lots of competitors to deal with. There are so many hindrances that could bring a company down. But other than that, here are the common roots on why others went bankrupt.
No proper financial management. Managing the finance is a crucial task which is why it is recommendable to hire a professional accountant for that duty. However, others think they can do it by their own and that is somehow a wrong move. They made mistakes on tracking and making financial reports. As a consequence, the cash flow went down.
Poor in planning and researching. Some failed to know about the demographics of their customers and identify what group they should tackle with their products. Some had not even considered about the possible competition from others. As you noticed, having research and plans is important to avoid some problems. Big companies have even done that and took them more months to complete it.
Poor Leadership. You probably have the greatest idea compared to others but if your leadership skill is lacking then everything you planned will be pointless. A leader should equipped the ability to ponder and function under great pressure and also knows how to prioritize. If leader failed to motivate their workers too, the employees might be affected and tend to get out instead of helping.
Having Legal Problems. As mentioned above, businessmen should take time on doing proper research. That way, they could avoid violating some laws without knowing. Furthermore, some companies are also doing some unethical practice like false money statements and money laundering. And as a consequence for that, they had to face the serious consequence from their unethical actions.
One small part could affect the whole part. This certainly is how business works. As you see, it does contain difficult challenges. But when you survive those challenges, it will give you experience and make you knowledgeable and capable in the end.
More people now are staring to run their own businesses. However, many failed every single day after many months and years. Based on a statistics, 49 percent failed after their first five consecutive years. On the other hand, 30 percent never reached at least two years. It does made you questioned on why it happened.
As mentioned above, the path is quite risky. And for beginners, they might somehow get intimidated to start their own. You might have the perfect ideas to sell in the markets. You might also have the good quality of workers who would help you in achieving your goals. But regardless of that, you also might be missing with some elements which became your downfall later on.
Finding customers are also hard especially when most of them are quite satisfied with what they have. Meaning, they do not necessarily need to make some purchase from your company. Furthermore, you also have lots of competitors to deal with. There are so many hindrances that could bring a company down. But other than that, here are the common roots on why others went bankrupt.
No proper financial management. Managing the finance is a crucial task which is why it is recommendable to hire a professional accountant for that duty. However, others think they can do it by their own and that is somehow a wrong move. They made mistakes on tracking and making financial reports. As a consequence, the cash flow went down.
Poor in planning and researching. Some failed to know about the demographics of their customers and identify what group they should tackle with their products. Some had not even considered about the possible competition from others. As you noticed, having research and plans is important to avoid some problems. Big companies have even done that and took them more months to complete it.
Poor Leadership. You probably have the greatest idea compared to others but if your leadership skill is lacking then everything you planned will be pointless. A leader should equipped the ability to ponder and function under great pressure and also knows how to prioritize. If leader failed to motivate their workers too, the employees might be affected and tend to get out instead of helping.
Having Legal Problems. As mentioned above, businessmen should take time on doing proper research. That way, they could avoid violating some laws without knowing. Furthermore, some companies are also doing some unethical practice like false money statements and money laundering. And as a consequence for that, they had to face the serious consequence from their unethical actions.
One small part could affect the whole part. This certainly is how business works. As you see, it does contain difficult challenges. But when you survive those challenges, it will give you experience and make you knowledgeable and capable in the end.
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Get a detailed list of the factors to keep in mind when picking a bankruptcy attorney Oakland area and more information about an experienced lawyer at http://www.centralcoastbankruptcy.com now.
