Times are changing and it is affecting everything around us. It is affecting the way we live, socialize and do business. Like they said, it is the new normal, and we need to consciously start adjusting to fit into it. As an entrepreneur, it is necessary that you also take a second look at your business. Most large corporations (and small businesses too) are already readjusting their sails.  Like Virgin Orbit, a subsidiary of Virgin Group, owned by Richard Branson is producing ventilators instead of launching small satellites and human spaceflight to space. Eko Hotels & Suite (Nigeria) recently launched its 24 hours pickup and delivery laundry service. If big brands are tweaking their businesses, shouldn’t you? However, before you do, you need to be aware of the 5 reasons why your business can fail.

#1-Visionless or Clueless: A vision is the big picture that you see. The first thing you must handle in your business is to clearly define the vision of the business. A vision is what clearly differentiates you from myriads of other businesses in the same industry. The vision is like your compass, it points you in the direction of your treasure island. Most small entrepreneurs fail because they do not clearly define the vision of their businesses. When you are getting into business, you must clearly define the kind of business you want to build. You must clearly define the reason why you are getting into business. Quite a number of entrepreneurs enter into business for different reasons. Your reason for setting up a business must be crystal clear. Whether you are in for the money or to create value, the choice is yours.  Also, you must clearly define the industry and why you want to be in that industry. If you don’t sort this out, you may see your business going round in circle, or you may be frustrated when you hit a brick wall.

#2-Jack of all trades: Of course, you know such is master of none. There was a man whose name was Jack. He was a black man in a white neighborhood. To some people in the neighborhood, Jack was a gardener. To some, he was the mower. To some, he was the paperboy. Jack was different things to different people in the neighborhood. One day, Jack disappeared. The people in the neighborhood were worried and they decided to find him. They found Jack covered in a dirty blanket on the street in a distant neighborhood. They took, buried and wrote an epitaph on his tombstone “Jack of all trades, master of none”. It may sound like a fictional story, but most entrepreneurs are like Jack. They do almost everything and never get to master one. As an entrepreneur, when you try to do too many things are the same time, you will be dissipating your energy and eventually burnout. During too many things will lead to waste of resources, energy and time. Learn to focus your energy, time and resources building a product or a service. Master it. Explore the market and become the best or a household name.   

#3-Lack of technical skills: Running a business isn’t a stroke of luck or genius. And no one is born with a Midas touch. Starting, managing and growing a successful business requires technical skills. It requires business management skills, financial management skills and investment management skills. The business management skills will help you making money through the business. The financial management skill will teach you how to control your money. The investment management skills will help you multiply your money. These skills are hidden in self-help books, trainings, seminars, workshops and conferences. You can also acquire the skills through mentorship. Smart entrepreneurs always surround themselves with mentors who are successful in business and that makes it easy to acquire the skills. And if you choose to acquire the skills on the go—as you build your business—it will cost you several unnecessary disappointments, mistakes and failures. Eventually, you will become better with each business success and breakthrough.

#4-No marketing Strategy: Marketing is the heartbeat of every business. That is perhaps the only way you can attract your target audience. Your marketing strategy is as important as your product or service. The same attention you give to your product or service, you must give the same to your marketing strategy. However, before you can design your marketing strategy, it is important that you define and understand your target audience. You must know where you can reach them (their location or community) and the most appropriate way to reach them. These days, there are several social communities, you have to be careful not to be lost in all of them. You should be able to do a detailed research to determine the one(s) that your target audience is (are). You don’t have to be on all the platforms; chose appropriately. Also, the platforms are communities, you don’t have ownership to them. You need to leverage on them to reach your target audience and then redirect them to your website where you capture their data. Or if you have any other way of capturing their data, use it. Your followers, likes or comments do not make up your audience until you have their data and the process of how to turn them into returning customers. In business, we don’t assume; we work with facts and figures. Your customers and where to reach them are the “facts” in this context. And the data or your percentage of the market share is your figures. Don’t joke with both. 

#5-Not having an automated system: I always say this, what makes money for businesses isn’t just the product or service that they sell or render; it is the automated system. System is what makes money for businesses. It is the most difficult thing to create in a business, but it is what you must work tirelessly to create. What makes the automated system difficult to build is because you need a team to be in charge. And building a team is a very hard task. It will require that you have the necessary leadership skills and emotionally intelligence. One of the most difficult tasks in business is finding the right set of people. It will take you a long time of searching and grooming, and eventually you will build a formidable team.