REASONS NEW ENTREPRENEURS FAIL 2

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There are so many mistakes new entrepreneurs make due to inexperience. It is even discovered that new businesses succeed as much as they fail. Most of these businesses fail because the entrepreneurs failed to learn from the mistakes of others. However, this piece seeks to outline the reasons new businesses fail and how to avert them.

 ## REASONS TO CONSIDER: *** *** 1 No intellectual property. 2 An inexperienced team. 3 Underestimating resource requirements. 4 Not enough marketing. 5 Giving in too early.  ## IN DETAILS *** *** ### 1 No intellectual property. *** As an entrepreneur seeking investors and a competitive advantage against your competitors, there's need for patents, copyright and trademarks registration. You equally need to include a non disclosure agreement to keep your trade secrets from your competitors and the general public. Without this protective measures, your ideas could be hijacked by a smart investor and even improve upon it to outsmart you in the market place.  ### 2 An inexperienced team. *** The team you work with matters a lot if your business must succeed. Starting up a business shouldn't be done with inexperienced workers, even if you can't afford to pay for many of them, you can engage a few experienced and a few inexperienced to balance up. The experienced workers would bring their experiences to bear in your business, thus influencing the inexperienced ones to grow.  ### 3 Underestimating resource requirements. *** In business startup, cash funding is the major resource. However, other resources like location, office structure, industry contact, etc. are necessary. If an entrepreneur mismanages his funds on other things, forgetting these key resources, he may end up stagnating. Also, it is advisable that if you're working while trying to startup a business, you should remain there till you have enough cash flow before quiting to concentrate.  ### 4 Not enough marketing. *** Marketing strategies that is effective really help a business to grow. You need patronage to make more profit, thus you need to strategize well to make sales. Without effective and innovative marketing across the range of media, you won’t have patronage. You need to advertise your brand using all available means to attract customers. You can increase your brand awareness by giving out customized item, organizing social media contest and rewarding the winners, organizing a referral programs and other programs to help you attract sales.  ### 5 Giving in too early. *** Business starting and staying in business requires a lot. There are challenges that may surface without you knowing. All you need is wisdom to keep going even in the midst of them all. Entrepreneurship involves tedious decision making. You need to be well prepared for such decisions.   designed by me *** ## Follow @drstarry for daily Business Tips ## Thanks for reading!  Credit to me