Inilah SEBAB Perniagaan GAGAL!

Irfan Khairi

25 Feb 202210:42

Summary

TLDRThis video discusses the common reasons why 9 out of 10 businesses fail, especially in the first year. The speaker emphasizes the importance of acquiring the right knowledge, proper financial management, consistent effort, effective marketing, and offering unique value to stand out in a competitive market. Drawing from personal experience, the speaker highlights how lack of expertise and poor financial record-keeping contribute to failure, and encourages entrepreneurs to invest in learning, process improvement, and creating differentiation in their business to succeed.

Takeaways

📉 9 out of 10 businesses fail, especially within the first year due to various reasons.
📚 Lack of knowledge is a primary reason why many entrepreneurs fail in their businesses.
💼 Many entrepreneurs assume that business success comes from luck, but it requires the right techniques and strategies.
📊 Effective financial management, especially cash flow, is critical for business survival.
📂 Many entrepreneurs, especially small ones, fail because they don't maintain proper financial records.
💰 Mismanagement of business profits, such as using them for personal expenses instead of reinvesting in the business, leads to failure.
⚙️ Running a business is a process, and success comes from following the correct steps with the right knowledge.
🕒 Time management is key – entrepreneurs need to dedicate sufficient hours daily for business growth and marketing efforts.
📈 Lack of marketing is another major reason why businesses fail, as it limits visibility and customer reach.
🔑 Unique selling points and added value help businesses stand out in a competitive market, attracting more customers.

Q & A

What is the primary reason most businesses fail in the first year?
-According to the script, the main reason is a lack of knowledge. Many entrepreneurs think they know enough, but often their business knowledge does not match the demands of the business world.
How important is financial management in running a successful business?
-Financial management is crucial. Many small business owners fail because they don't manage their money properly, neglecting to keep accurate financial records and mishandling cash flow.
Why is proper record-keeping essential for business success?
-Proper record-keeping helps track financial health and makes it easier to secure loans. Many businesses, particularly among certain communities, struggle to get loans because they lack complete financial records.
What is the role of marketing in a business's success or failure?
-Marketing is essential for a business's visibility and growth. Without effective marketing strategies, businesses fail to reach potential customers, which contributes to their downfall.
How can an entrepreneur make their business stand out from competitors?
-By offering unique value or added benefits, such as higher quality, better customer service, or faster delivery, which can differentiate their business from competitors.
What does the speaker suggest regarding profits and personal spending?
-The speaker advises against immediately using profits for personal expenses. Instead, entrepreneurs should reinvest in the business to promote growth before spending on personal luxuries.
What mindset should entrepreneurs have toward learning in business?
-Entrepreneurs need to have a continuous learning mindset. Simply relying on intuition or copying others can lead to failure, but those who actively seek to learn and apply correct strategies have better chances of success.
What common mistake do new entrepreneurs make regarding work ethic?
-New entrepreneurs often underestimate the hard work required to succeed, believing that success will come easily. However, sustained effort, long hours, and commitment are key to growing a business.
How should an entrepreneur balance personal goals with business reinvestment?
-Entrepreneurs should prioritize reinvesting profits back into their business before indulging in personal expenses. Reinvestment helps strengthen the business and ensures long-term success.
Why is consistency important for business growth?
-Consistency in applying the right strategies, learning continuously, and maintaining financial discipline is key to long-term success. Many businesses fail because they deviate from these processes.

Outlines

00:00

💼 The Reality of Business Failures

The speaker highlights that 9 out of 10 businesses fail, often within the first year, due to various reasons. One major factor is a lack of knowledge, with many entrepreneurs overconfident despite having little practical understanding of business management. The speaker emphasizes the importance of learning proper strategies, avoiding following wrong advice, and trusting the right mentors to succeed.

05:01

📊 The Importance of Marketing and Hard Work

The speaker emphasizes that many entrepreneurs fail due to insufficient effort and lack of marketing. They share their personal experience of working long hours as a freelance designer and spending equal time on marketing to grow their business. Marketing is critical for business success, whether through paid advertising or free content creation, and the speaker encourages hard work and dedication to see results.

10:03

🎯 Webinar for New Entrepreneurs

The speaker offers a free webinar for those new to entrepreneurship or those looking to revive their business. The webinar aims to guide participants step-by-step on how to find the best business ideas and overcome challenges. The speaker encourages viewers to like, comment, and subscribe to their channel for more valuable business tips and content.

Mindmap

Keywords

💡Business failure

This refers to the inability of a business to sustain itself and meet its goals. In the video, it is highlighted that 9 out of 10 businesses fail, especially within their first year, primarily due to a lack of proper knowledge, poor financial management, and insufficient marketing strategies.

💡Lack of knowledge

A common reason for business failure, according to the video, is entrepreneurs not having the proper knowledge or skills needed to run a business. The speaker mentions that even highly educated individuals may not understand the intricacies of business operations, leading to poor decision-making and eventual failure.

💡Financial management

Proper management of finances is essential for business success. The video emphasizes how many entrepreneurs, especially in small businesses, fail because they don't keep proper financial records, misuse profits for personal expenses, or fail to manage cash flow effectively.

💡Cash flow

Cash flow refers to the movement of money in and out of a business. In the video, it is stated that cash flow is 'king' in business, and poor cash flow management is a significant reason why businesses fail. Entrepreneurs must ensure that there is enough cash to sustain operations and reinvest in growth.

💡Marketing

Marketing is crucial for attracting customers and promoting a business. The video explains that many businesses fail because they either don't spend enough on marketing or don't use their time wisely to create effective marketing content, such as social media posts or advertisements.

💡Unique value proposition

This refers to the unique qualities or offerings that set a business apart from its competitors. The video stresses that businesses need to have a clear value proposition, whether it is better quality, faster service, or unique products, to attract and retain customers in a competitive market.

💡Ego

The speaker discusses how personal ego can lead to business failure. Entrepreneurs who believe they know everything or are too proud to seek help or learn from others may end up making poor decisions. The video advises entrepreneurs to remain humble and open to learning.

💡Record keeping

Proper record keeping is essential for understanding a business's financial health. The video points out that many entrepreneurs fail to keep accurate records of their financial transactions, which hinders their ability to secure loans or understand where their business stands financially.

💡Hard work and persistence

The speaker highlights that success in business requires hard work and persistence. Entrepreneurs must be willing to dedicate long hours, especially in the early stages, to manage operations, marketing, and other critical aspects of the business. Success is not instant and requires sustained effort.

💡Learning from failure

Failure is presented as a learning opportunity in the video. The speaker shares personal experiences of business failure and explains how learning from mistakes, acquiring new knowledge, and applying better strategies are crucial for future success. Entrepreneurs are encouraged to reflect on why their business failed and address those issues.

Highlights

9 out of 10 businesses fail, especially in the first year.

Lack of knowledge is the number one reason businesses fail.

Many entrepreneurs fail because they use incorrect business strategies or follow others without proper knowledge.

Business success is a process that requires correct strategies and learning from the right sources.

Effective financial management, especially cash flow, is essential to business success.

Poor financial record-keeping is a significant reason why many small businesses struggle, particularly in comparison to Chinese-owned businesses.

Entrepreneurs must reinvest their profits back into the business rather than using them for personal expenses.

Samudin, founder of Karangkraf, suggests reinvesting 9 out of 10 dollars of profit into the business for growth.

Business owners should work consistently hard, dedicating enough time daily to their business and marketing efforts.

Marketing is critical for success, whether through spending money on advertisements or investing time in content creation.

Unique selling propositions (USP) and value additions are crucial for standing out in a crowded market.

Without uniqueness and value, customers may opt for competitors who provide better benefits.

Entrepreneurs should reflect on whether their business strategies and knowledge are correct when facing failure.

Lack of innovation and value addition is a key reason why many businesses fail.

The speaker encourages continuous learning and improvement to ensure long-term business success.