Failure Of On-line Businesses - Part 2
Here is a quick refresher of the first article.
We were talking about why a business fails and why people fail.
We found that people fail and not the business.
People fail because of four categories: Time, Money, Product, and Lack of Knowledge.
We already covered time and money so now let's go over the other two categories.
Product: "What should I sell?""Where do I find products?"I have heard many entrepreneurs ask the same questions.
When you are starting a business you need to do these few basic things.
First, you need to find your niche and do research on that niche.
Second, you will need to find out if there is a market for your niche.
Lastly, after you have found the right niche, then you start looking for product.
Here is an example of a niche and what kind of product that you could sell.
Let's say your niche is sleeping bags.
With sleeping bags as a niche your product(s) will be sleeping bags.
From here you will need to break your product down.
What categories can you setup within sleeping bags?Categories could be Men, Women, Kids, Rectangular, Mummy, Two-person, Hooded, etc.
Now you have a niche and with that niche you have a product so the next question is "Where do I find product?"Here is a quick list to get you started when looking for products.
Contact the manufacturer, search online for wholesale companies, or signup with a company that has a list of wholesalers.
You will need to again, do research to see what will work best for you.
I personally like to save time so I would use a company that has done all the work and found good wholesale companies to work with.
Lack of Knowledge: As a new business owner (a business that has been around for less than 2 years) you will be in a major learning cycle.
A smart business owner will never stop learning or testing out different things.
You will also need to be working your business and growing your knowledge base.
Here are a few ideas for new entrepreneurs to help you increase your knowledge.
The big one, "RESEARCH!"Everything that you do, or are thinking about doing, needs to be researched to see if it will work with your business.
One idea may work great with one business but totally fail for another.
Don't skip out on the research; research saves you money!Starting out, one of the best things you can research to help you increase your knowledge quickly is to study up on your competitors.
Use what they have or have not done to put your knowledge building on the fast track! Another great way to build knowledge is to read articles, signup for a newsletter, or join a blog.
These are great ways to learn, plus you are hearing it from someone that is currently doing what you are working towards.
Someone once said, if you never try you will never fail, but you will also never succeed!Remember this, if you do fail ALWAYS learn from it and then get up and try again.
Good luck with your business adventures!
We were talking about why a business fails and why people fail.
We found that people fail and not the business.
People fail because of four categories: Time, Money, Product, and Lack of Knowledge.
We already covered time and money so now let's go over the other two categories.
Product: "What should I sell?""Where do I find products?"I have heard many entrepreneurs ask the same questions.
When you are starting a business you need to do these few basic things.
First, you need to find your niche and do research on that niche.
Second, you will need to find out if there is a market for your niche.
Lastly, after you have found the right niche, then you start looking for product.
Here is an example of a niche and what kind of product that you could sell.
Let's say your niche is sleeping bags.
With sleeping bags as a niche your product(s) will be sleeping bags.
From here you will need to break your product down.
What categories can you setup within sleeping bags?Categories could be Men, Women, Kids, Rectangular, Mummy, Two-person, Hooded, etc.
Now you have a niche and with that niche you have a product so the next question is "Where do I find product?"Here is a quick list to get you started when looking for products.
Contact the manufacturer, search online for wholesale companies, or signup with a company that has a list of wholesalers.
You will need to again, do research to see what will work best for you.
I personally like to save time so I would use a company that has done all the work and found good wholesale companies to work with.
Lack of Knowledge: As a new business owner (a business that has been around for less than 2 years) you will be in a major learning cycle.
A smart business owner will never stop learning or testing out different things.
You will also need to be working your business and growing your knowledge base.
Here are a few ideas for new entrepreneurs to help you increase your knowledge.
The big one, "RESEARCH!"Everything that you do, or are thinking about doing, needs to be researched to see if it will work with your business.
One idea may work great with one business but totally fail for another.
Don't skip out on the research; research saves you money!Starting out, one of the best things you can research to help you increase your knowledge quickly is to study up on your competitors.
Use what they have or have not done to put your knowledge building on the fast track! Another great way to build knowledge is to read articles, signup for a newsletter, or join a blog.
These are great ways to learn, plus you are hearing it from someone that is currently doing what you are working towards.
Someone once said, if you never try you will never fail, but you will also never succeed!Remember this, if you do fail ALWAYS learn from it and then get up and try again.
Good luck with your business adventures!
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