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The Three Factors Unsuccessful Small Businesses Have In Common

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Starting a business is never easy and has more than meets the eye. According to statistical data, 20% of small businesses fail in their first year and 30% in their second year, 50% in their fifth year, and 70% beyond their tenth year.

The rate of failure of these small businesses is because they face a unique challenge where they need to produce a profit in a limited time without sacrificing the quality of their services or products.

Having said that, knowing the areas where these small business owners went wrong may help others execute it correctly. Here are the three most common factors unsuccessful small businesses have in common:

The Service Or Product Was Not Clear

If your service or product sends a poor message to your prospective consumers, then it is likely that your business will fall apart. Your target audience must quickly understand what your business do and has to offer.

In most cases, small businesses tend to implement scattered ideas and overgeneralize; this makes them lose their competitive edge and mass appeal.

Your product or service should send a clear, specific, and direct message. It does not only need to stand out, but you must evoke action and address a need or a problem that your target consumers must solve.

If you can accurately define your business in a sentence, then you are ready!

The Lack Of Structure

A good structure means having a stable foundation for your business to stand upon. Without proper structure, then your day-to-day operations can be a mess.

If your business lacks the technical aspects such as payroll, ordering, shipping, weekly expectations, then your business won’t reach its maximum potential. The structure is what binds your company to be time-efficient and professional. Plus, according to Jennifer Dawn, a serial entrepreneur and renowned business coach said that structure is a reflection of the owner’s maturity.

“If their daily habits are unstructured, disorganized, and they tend to make rash decisions, be lazy in sales, or drop the ball on important financial matters, the business will suffer. The character strength of the owner is vitally important to the success or failure of a business,” she explains.

The Business Owner Is Not Ready 

An ineffective leader often causes a business to fail. Some business owners are not prepared to take upon a considerable deal of responsibility and are not prepared to step up into a significant leadership position. In small businesses, the founder plays a vital role as he or she is the person in charge of running the entire show.

If a business owner is not ready to run a full-blown business, then that factor will reflect on many different levels and ways. Based on Kate Bagoy, a business coach who helps self-employed entrepreneurs says that a company demonstrates the owner’s desires and is also rooted in the lack of clarity, structure, and “founder mindset.”

“In my opinion, the #1 reason businesses fail is due to founder mindset. We always find another reason — the market wasn’t ready, we ran out of funding, we hired the wrong people — but at the end of the day, successful business owners find a way to move forward. They pivot, they learn, they grow, and they develop resilience to stay in the game until they find success.” Kate explains. Metadata: Nuts are small but healthy foods. They not only taste good but bring many benefits when eaten right. Here are some common nuts and the health benefits they carry.

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Amazon Alexa App’s Most Hilarious Responses

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The Amazon Alexa App is always ready to help, especially in the most boringly dreadful of days stuck in quarantine. It can add a little fun into your day with these funny questions, you can ask Alexa to get the most unexpected responses.

Open Air Horn

An air horn blasting from the speakers is one of the most annoying things to serve everyone living in your home. It is also quite funny if you’re thinking of pulling a random prank.

Funny Cat Facts

Whether you are a cat person or not, asking Alexa for amusing facts about your furry friends will certainly make your day. Otherwise, it just turns out to be a good 15-minutes of educating yourself on interesting things about cats.

Read Funny Haikus

You can also ask the Amazon Alexa App to read aloud funny haikus about the most random topics. It could range from short poems about the refrigerator to chicken nuggets—practically anything you could think of.

Blast Fart Sounds

It sounds quite immature, but what’s not amusing about fart sounds unexpectedly blasting from your home speakers? The best part is that Alexa gives a joke about farts before throwing in a fart noise. If it doesn’t make you laugh, it’s a reliable proof way to get the kids in the house in a great mood.

Ask Who’s the Worst Roommate

Tricky Alexa can choose the worst roommate based on a pre-made list. This feature can be enabled so you can poke fun of your roommates. The bonus is that this can quickly solve any of your debates about who’s the better roomie.

Open, My Friend, Gollum

Lord of the Rings fans would be thrilled about this fun trick. Gollum will give you a riddle you need to solve. Step it up a notch and make it a contest on whoever gets the most answers correctly.

Is It Happy Hour?

Get a laugh out of the Amazon Alexa App’s reply to the golden question: is it happy hour? Whatever hour of the day it is, she will definitely give you a hearty “Yes!”. You would be glad to know that Alexa supports your drinking decisions.

Ask RoastMaster for an Insult

If you ever find the need to fuel your comeback bank with some of the wittiest lines ever written, go ahead and ask Alexa. Not only will you roll on the floor laughing by yourself, but you can also use them on your social media pages or your friends!

Ask Shakespearean Insulter to Insult my Brother

What better way to drop a comeback than in a sophisticated, Shakesperean manner. Just ask Alexa, and she would gladly oblige, reading you the best and funniest Elizabethan-era insults you have ever heard. It will surely leave you and your family laughing.

Begin Pizza Toppings

Most days, we just don’t know what we want on our pizza, and that’s okay because Alexa has got you covered. You can ask her to suggest pizza toppings, and she will give you three non-conventional but ultimately fun add-ons to make your pizza extra interesting. 

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Business

How Traders are Capitalizing on Virtual Reality Goggles

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Bank trading is getting a tech twist. UBS is giving its London traders an opportunity to test out trading rooms by employing VR goggles from Microsoft.

Since the pandemic started, it goes without saying that corporations were not prepared, which in turn reduced the number of people reporting for work, and coming to banks. While the lockdowns have been lifted and some businesses are slowly opening, the risk of the COVID-19 cases spiking is not a threat to be taken likely, which is why banks like UBS have been looking into other ways to simulate a regular day in the bank.

Beatriz Martin, the chief executive of the UBS UK branch was the first to consider this idea and has suggested starting working groups to work on reimagining the trading floor and also set up screens on the trader’s desks alongside their coworkers to encourage collaboration. 

Some banks such as JPMorgan have attempted to bring their workers back to the office but have had to send some workers home after one of them tested positive for the coronavirus disease. 

Meanwhile, other banks such as Deutsche Bank have made returning to the office as voluntary to avoid the risk of spreading the virus around and that most workers can return to the office in the middle of 2021 when the virus has been contained. 

BlackRock’s chief executive Larry Fink does not expect 100% of the workers to return to the office with the current situation, which is why virtual reality tools would be helpful to aid productivity from the safety of their homes. 

How VR changes the system:

With COVID-19 as a threat, it’s only natural that people are warier about coming back to work in an office, which is why it’s convenient to incorporate virtual reality so that you can simulate a normal workday without risking your health, and the health of others. 

The good thing is that there are multiple companies that specialize in virtual reality, which means you have options to choose from, which works for you. Microsoft launched HoloLens in 2015, and while it was initially perceived to be a gaming device, with their headphones at a price of $3000 upwards, it has since been considered by companies to be a tool for communication.

The first bank to consider using HoloLens for their trading business was Citigroup, in 2016, they developed the Citi system which combined financial data with 3D holograms. While they were looking into making the graphics in a way where clients could interact with the data, Citigroup decided against using the headphones because they felt it was too limited in terms of battery life, display size, and processing function.

Banks are an essential business, and staying afloat is one of the most important things they should focus on when it comes to the pandemic, which is why implementing virtual reality is a good move to replicate trading rooms for bank traders and their current investor clients. 

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Business

12-Year-Old Named CEO for E-Commerce Business

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Most 12-year old kids are busy studying for school, playing videogames, or running around a basketball field. For 12-year old Ojas Batra from Agra, however, he is busy building an empire. At a young age of 12-years old, Batra decided to develop his own company.

e-commerce 2.jpeg

Getting to Know Ojas Batra

His business idea stemmed back in January 2020 when he noticed that there are a lot of young children who cannot afford quality education. His concept involves drop shipping or a streamlined retail business where sellers accept orders from clients but do not keep the sold goods in their stock. He developed his entrepreneurial mindset when he noticed that formal types of education, usually in a classroom setting, do not provide for the needed skills and toolsets that pupils need.

He decided to formally drop out of school to pursue his passion for business. He also chose to understand and learn new skills relevant to his company, such as content writing, game development, graphic design, marketing, and the like. With all of these new skills under his tool belt, he can make an impact not just on the business world, but also to the community. 

The Hive: E-Commerce Business Foundation

Batra served as an intern for several tech companies and business industries that served well for his financial acumen and entrepreneurial skills. He Founded the Hive Group, which is comprised of three successful companies:

  • Teen Hive is a company whose main objective is to increase a typical teenager’s wellness. Since adolescence is a delicate period brought about by many changes (physically and emotionally), Batra being a teenager himself, decided to provide much-needed support for teenagers. This support includes finding appropriate sources of education, support for mental health, career, and skill development.
  • Skill Hive offers low-cost short-term classes offered to anyone – from young kids to senior citizens! It provides a wide array of short-term courses that people can specialize in, in the future.
  • The third company, called the Talent Hive, is still a work in progress! Knowing how the first 2 companies boomed, we do not doubt that the Talent Hive will follow suit in becoming a huge success.

What’s Next?

With the success of the Hive Group, what’s next for our teen entrepreneur? Right now, Batra is currently publishing a book entitled “Teenage AF.” The book is a semi-anecdotal of Batra’s life. It also tackles critical societal issues, such as the erroneous parts of the current educational system. It also includes how to live a teenager’s life in a changing world, including having more profound thoughts about acquiring specific skillsets to help individuals find their passion and meaning for their lives. 

Indeed, Batra is an inspiration to many people – young and old alike. His work through the Hive Group of Companies is a testament that age is just a number. With passion, grit, and a purpose to help others, anything is possible.

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