Business experts say that an entrepreneur who starts a business with a lot of opportunities for the first time he does it goes bankrupt or doesn't go as planned due to various reasons, until the business closes its doors.

There are many Zero Reasons why New Entrepreneurs often fail in their first business ventures.

Today I am sharing some of those reasons:

How Your Business Is Built: Often when you are talking to Entrepreneurs who are just starting out and want to get to know their business, it is difficult to know if their goal is to build a profitable business or if they are interested in doing activities that do not expect to generate profit. Example: Helping children who become homeschoolers at a young age. I believe that this project is a charitable and non-profit project. Being an Entrepreneur requires being in a profitable business where your business has customers who pay for your services or products. So if you don't know where you stand, whether you are in a business that generates profit or is aimed at helping people, it is difficult to get where you want to be. Know your address as the first step to progress. In English it is called "Business Model".
Solve one problem very well: Starting a business often requires being a business owner. Startup entrepreneurs tend to think that they can solve all the problems that come their way. It is not possible for one person to solve all the problems of society. It's best to start with a single company problem and solve it in an excellent way. Example: You wouldn't start a restaurant somewhere in the city saying that you can cook all the food. It is difficult in the beginning to cook any kind of diet that exists. However, if you say that you focus on cooking and preparing food based on Rwandan or African culture, let's say in a tourist destination, you would be solving the problem that there are probably no restaurants that focus on preparing and cooking African food. But if you say you're going to focus on preparing every meal that exists, it's hard to get that far and start an entrepreneur who doesn't have the ingredients to do anything.
Multiple objectives: As in the second point we mentioned that it is difficult to deal with each one so it is difficult to have many objectives at the same time. You can't start a business with more than five goals at the same time. It keeps you from where to start. A purpose is a plan or line/guideline for your business. Let me give you an example: If a major industry like Inyange Industries produces many different products, there is a reason why they want to be represented in different areas because the main business of the industry is to make good products that are needed and avoid going into the deep business of what they did. A budding entrepreneur feels that everything can be done by himself and that it is difficult to do everything on his own. In English it is called "Business objectives and goals".
Identifying the right business clients: A budding entrepreneur feels that he has the power and ability to have everyone become his client. It's not possible. If you are a clothing retailer, you should have a list of people who you consider to be your regular customers. If you want to sell clothes, is it children's clothes? are these seniors? Who are the youth you want to be your customers? It would be better if you continue to explore and find out the type of clothing, whether it is for this event, this school, this sport... It will be difficult to start with everyone who would be a customer. It is good at the beginning to know the segment of people you expect to be your customers. It is difficult if you are in education planning to build a school and that school has all classes and universities including vocational schools. In English it is called "Customer Segmentation".
Spending a lot of money on a business that is not making money: Often times, an entrepreneur who is just starting out is doing it if he wants to show that he is able to spend a lot of money on the business and his business is not making money. For example, working in an expensive place. Hiring, however, offers higher wages than the business can afford. This often doesn't last long when the business is spending more money than it is bringing in. It puts the entrepreneur in debt or the money he had saved goes to unnecessary work. It is better to start from the bottom and work your way up little by little and every penny the business spends becomes an income.

There are many reasons why a startup entrepreneur fails. Would you please share with us why you see startup entrepreneurs failing?