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Sayantika ChatterjeeTop Contributor
I am a literature student from University of Calcutta and came here to contribute.
Asked a question 2 years ago

How do you define "Entrepreneurial failure"?

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Sayantika ChatterjeeTop Contributor
I am a literature student from University of Calcutta and came here to contribute.

Setting up an enterprise is not an easy job. There is a whole team involved and managing all of them at the same time is a real work. So for some glitches there might be a failure and that's totally okay. Because for every journey there are some ups and downs and you have been a part of this journey before knowing the aspects. 

There are many reasons why and entrepreneurial journey might fail. 

  • Lack of a viable concept: Maybe the idea was not chalked out properly or wasn't apt for the market he or she deals with. One should testify the facts that are leading to the failure. 
  • Lack of market knowledge: It is a tendency for many young entrepreneurs to jump into the business out of excitement before doing a thorough market research. This must be avoided. Researching and analysing a market is very important in order to work out the plans in the way you wanted. 
  • Lack of technical skills: It might happens because of several reasons- the employees might be from the aged group or they might not be literate enough to know the technical know-how. In today's world, technology stitches up the whole world and every thing is dependent on the technology. So it is advisable to train or employ who are accustomed to the tech world. 
  • Lack of capital: Capital is the basic resource for any enterprise. Without adequate caoital, a business is bound to fall down. Loans might help the purpose or savings of your own. Keeping enough capital in hand is very important.