There are many people who dream of starting their own business venture. These people dream of wanting to become their own boss and not have to work for others. Moreover, starting a business on the side may help a person build different sources of alternative income in order to generate more wealth and have a lifestyle that many dream of. The great majority of people who are wealthy started businesses and built them from nothing. In the last 20th century, businesses and fortunes have been built by people like Bill Gates, Mark Zuckerberg, Sam Walton, and Larry Ellison. These people started with almost nothing and became wealthy by building their businesses from scratch.
Knowing the benefits of owning your own business, it inspires me to have something of my own aside than just working at my dad’s home appliance manufacturing company. I am currently working on my own side business ventures such as my finance blog that you are reading right now, and my other online venture such as my online e-commerce business called Buntronic. Starting a business that turns out to be income generating assets is awesome since it can gives you the freedom to pursue other things in life. However the problem arises when the business venture actually fails. There are many studies that prove that almost 90% of business startup actually fails. These high percentages of people who fail in their business startup have lost not only their valuable time but money they have invested into their business. I personally have seen many businesses opening, and end up having them close in just a matter of time. I’m not here to discourage you readers from starting your own business, but to create a successful running business is not simple. Even my business ventures such as my finance blog and my online e-commerce business that I’m currently working on the side is not generating me any income (not a single dime). This shows that starting a business is not as easy as it sounds.
To create a successful business requires huge dedications and strategy. Even my dad whose manufacturing business is now considered to be successful has to undergo many challenges and difficulties to be where he is right now. In this article, I would like to share with you readers the reasons why many business startups fail and what to do about it to prevent from making fatal mistakes that can turn your business startup venture into a nightmare.
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