The sudden death of SMEs

The mistakes discussed below seem trivial but are mostly made by entrepreneurs which in turn affects the life span of their businesses.
POOR PRODUCT DEVELOPMENT
This involves asking some important questions, what problem is my product solving? How unique is it from existing ones? Do I have a target audience? How do I get the consumer to try my product? What’s the consumers’ reaction to my product? These questions go along way in helping you plan adequately for seen and unforeseen circumstances as it relates to developing that product to suit the needs of people and remaining relevant in the market.
BAD TIMING
As popular as the phrase “be your own boss” is,  one would need to be sure that they are ready to take on the responsibility of being an entrepreneur. Kimberly Crossland, said   “The best time to start a business is when you have your financial ducks in a row, have a backup plan for when things go south, and have the support to work longer days while things get going”.  Running a business is easier at a time when you have you’ve got enough in your savings account to cover at least one year’s worth of business and personal expenses before you start your business.
LACK OF SUPPORT
People mostly grab the ‘a lot of people discouraged me’ or “I made it against all odds” part of an entrepreneur’s story and ignore the “I had few people who would check in with my progress often and assist me with plans’ part. As an entrepreneur. the statement “you are doing really well” can make up for feelings of disappointments, days/weeks of tears. On this note, as an entrepreneur, learn to speak up when your strength is wearing thin. The support of one’s family is very important but it is not the only option. Talking to fellow entrepreneurs, friends, mentors could go a long way in easing the stress that comes with running a business.
These factors and others have to be carefully considered and sorted for the success and growth of any business.