Some important signs of a failed trader that you can avoid to become successful

If you are a failed businessman, have you ever analyzed the reasons for your failure?

The signs of a failed businessman can be as follows:

1-10: Lack of thinking and planning

1. Starting a business without a clear vision.
2. Investing without market research.
3. Working without a business plan.
4. Going by your own logic instead of learning from successful people.
5. Failing to plan for the future.
6. Failing to understand new opportunities.
7. Relying solely on luck.
8. Not planning for emergencies.
9. Making emotional decisions.
10. Ignoring constantly changing business trends.

11-20: Financial problems

11. Not controlling business expenses.
12. Increasing unnecessary expenses.
13. Relying on debt more than profits.
14. Not managing cash flow.
15. Not pricing correctly.
16. Missing investment opportunities.
17. Ignoring tax laws.
18. Not seeking proper financial advice.
19. Running a business without a budget.
20. Poorly managing the business’s financial records.

21-30: Leadership and management failures

21. Treating employees poorly.
22. Not promoting teamwork.
23. Hiring the wrong people.
24. Delaying decision-making.
25. Shifting responsibility to others.
26. Not giving importance to organizational structure.
27. Not stopping time wasting.
28. Considering yourself an expert in everything.
29. Not monitoring team performance.
30. Not giving employees opportunities for development.

31-40: Failure in marketing and customer service

31. Weak branding and marketing strategy.
32. Stay away from social media and digital marketing.
33. Insist on old ways.
34. Not understanding customer needs.
35. Providing poor customer service.
36. Ignoring customer complaints.
37. Focusing only on new sales, forgetting old customers.
38. Ignoring market competition.
39. Not improving product or service quality.
40. Losing customer trust.

41-50: Behavioral and personality failures

41. Refusing to learn and grow.
42. Not having patience for success.
43. Always making excuses.
44. Thinking yourself better than others.
45. Not learning from mistakes.
46. Avoiding self-accountability.
47. Ignoring the opinions of others.
48. Panicking under pressure.
49. Lack of consistency.
50. Being too hasty in leaving the business.

These signs can lead to failure, but if one recognizes them and improves, one can become a successful businessman! 🚀

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8 out of every 10 businesses in the world fail within the first 18 months of their launch. This rate of small business failure directly affects the country’s economy.

The failure rate of start-ups in Pakistan is 90%.

That is, 9 out of 10 businesses fail.

According to a report by the Small Business Administration (SBA), 66% of businesses survive for only two years.

The remaining 24% fail within the next five years.
If you are a failed businessman, have you ever analyzed the reasons for failure?
Can you become a successful businessman by removing these reasons?
In case of failure in small business, our economy bears the burden of billions of rupees in losses every year. The economy of a developing country like Pakistan, where the majority lives below the poverty line, cannot afford this.
I have tried to compile the reasons for failure in business in the form of a checklist. Without removing these 50 flaws, you can never become a successful businessman.
What is business?
According to the Oxford Dictionary
“A person146s regular occupation, profession, or trade”
Bringing together the scattered crowd and efforts of individuals on a platform and providing a positive, effective and profitable direction to these efforts is actually called business. Business makes a person a responsible member of society in many aspects. In the article under review, we have tried to identify a few aspects that cause the failure of a businessman. Hopefully, our effort will prove useful to an important section of society.
1: Not setting goals
Not setting clear goals is the first shortcoming of a failed businessman. If your destination is not fixed, then simply keeping going is of no importance. The mind of a successful businessman knows how to set clear goals. What do you have to do? And why? Apart from just making money, what other goals can your business have? These are some of the questions whose positive and clear answers are not only important for setting goals but also very useful in formulating a better plan of action to achieve them.
2: Lack of broad thinking
An unsuccessful businessman is a person with limited thinking whose thinking revolves around a specific scope. He fails to explore and achieve new sources to expand his business. While a broad thinking seeks new opportunities. This broad thinking of a successful businessman gives rise to business expansion.
3: Independent Nature
Self-reliance is an important step towards a successful business. An unsuccessful businessman has a severe lack of reliance on his own efforts and resources. This lack makes him dissatisfied and he approaches others to solve all important problems. This flaw leads to failure very quickly.
4: Ability to judge
A failed businessman lacks the ability to judge situations and matters and make decisions according to the requirements of the time. This ability of judgment depends on reason and consciousness, due to the deficiency of which he repeatedly suffers losses.
5: Excessive optimism
Always hoping for improvement in situations and events may be beneficial for a common man, but not for a businessman. Remember, not everything happens as you want. Especially in business, where changing circumstances affect a businessman’s policies at every step. A successful businessman is fully aware of this fact. Whereas, the policies of a failed businessman are based on optimism and optimism rather than on the perception of facts. It is this excessive self-confidence and optimism that causes losses.
6: Lack of professionalism
A stupid and unskilled businessman has a severe lack of professionalism. This professionalism is born from skill and experience. Since an unsuccessful businessman lacks both of these things, he expresses this lack at many important moments in business life and wastes most of the opportunities for success.
7: Lead-time management
The gap that covers the period from the consumer’s order to the delivery of the desired product or service is called the lead time of a business or company.
Lead Time Reduction is a very important point in the success of a business or company. An unsuccessful businessman never focuses on this point. Which is a sign of irresponsibility of a businessman.
8: Ignorance of public trends
A successful businessman is always aware of modern and changing public trends and takes action keeping them in mind. Whereas an unsuccessful businessman makes decisions based solely on his own thinking due to his ignorance of the changing environment and modern trends
9: Lack of consistency
Consistency is an important step to success in any matter. There is a severe lack of consistency in an unsuccessful businessman. Frustrated by temporary and small failures, he keeps changing his strategy and decisions and never sticks to a consistent mindset.
10: Welcome strangers
Welcoming strangers and establishing good relations with them is very important for a businessman. This reveals new angles and trends of business. But an unsuccessful businessman does not feel the need for it. Rather, he suffers from a kind of Fear of the unknown.
11: Ignorance of the market
Product evaluation, customer voice, resources and financing etc. are important aspects of the market. A failed businessman is never fully aware of the market. This incomplete awareness is a major reason for his failure.
12: Unfair dealings
Unfair dealing or lack of honesty

Existence is a very unfortunate aspect of the failure of a businessman. This business technique may be temporarily beneficial but cannot form the basis of a lasting success. A failed businessman is unable to build a quality reputation in the market due to his dishonesty and ultimately ends up with failure.
13: Location
The success of a business also depends to a large extent on the choice of a good location. A successful businessman knows how to choose a good location and create a better framework accordingly. While not being able to assess a suitable location is an important characteristic of a failed businessman. Due to this characteristic, he sometimes misses important opportunities for development.
14: Lack of Management
A failed businessman lacks the ability to manage. He performs poorly in formulating and implementing a suitable business strategy. He fails to formulate a proper schedule regarding the performance of his subordinates. This Mismanagement is proof of the incompetence of the businessman and the main reason for his failure.
15: Customer Satisfaction
Providing a better customer service leads to a better cash flow and a good cash flow is the basis of a successful business. The limited thinking of an unsuccessful businessman is limited only to earnings, while the better quality of products or services, which is a guarantee of a good earnings, is not preferable for him.
16: Incomplete Business Planning
Success in any business requires a reasonable and long-term planning. Since a foolish businessman lacks the ability to think far ahead, he fails to formulate a long-term and comprehensive strategy. This poor planning comes out in the form of failure at some stage or the other.
17: Lack of progressive thinking
Lack of progressive thinking is a major sign of a failed businessman. Due to his limited thinking or fear of failure, he never tries to cross a certain boundary of his business, while the rapidly changing trends of the 21st century demand a modern and progressive thinking.
18: Lack of financial resources
For a start-up, financial support is like the soul in the body. Starting a business is very important in this regard. However, in every such stage, there are some resources that can be the best source of funding. A successful businessman has the ability to easily find such sources in these stages of ups and downs. Whereas an unsuccessful businessman lacks this ability.
19: Lack of hard work and dedication
Lack of hard work and dedication is the characteristic of a failed businessman that never allows him to achieve success. Business is a responsibility that a successful businessman must fulfill well. But a failed businessman neglects his duties.
20: Time Management Time Management
Due to poor time management, a failed businessman always suffers from a shortage of time. While dealing with situations and matters, he is unable to determine which thing requires more time and attention. A lot of his time that should have been spent on very important and necessary matters is wasted on unimportant matters.
21: Frivolous attitude
Lack of intelligence and awareness gives rise to frivolous behavior. Sometimes excessive self-confidence also causes this behavior. Frivolous attitude in an important matter like business is the biggest enemy of success. An unsuccessful businessman demonstrates such frivolous behavior in all matters.
22: Finding new opportunities
Finding new opportunities is a milestone for the success of a business. An unsuccessful businessman does not have the ability to find and recognize new opportunities. This behavior of a businessman continues to narrow the scope of his business activity with each passing day.
23: Lack of creative thinking
A creative thought can go beyond the traditional boundaries of business and devise new techniques. Steve Jobs said, ‘Innovation is the quality that distinguishes a Leader from a Follower.’ Remember, the success of a business does not depend on your degrees or education, but on your intelligence and skills. Bill Gates says, ‘I am not a position holder of any university, but many position holders of universities are among my employees.’
24: Lack of Research and Knowledge
A failed business never gives importance to market research and knowledge. He remains unaware of new trends. Modern products and services introduced in the market open new avenues for a businessman. But a failed businessman remains unaware of these possibilities due to his non-research thinking.
25: Social Contacts
Social and social contacts are the backbone of the success of a business. A failed businessman is unaware of the importance of Social Contacts. His social and social contacts are limited. Due to this lack, he is not able to provide a wide platform to his business.
26: ‘Egoism’ is the enemy of your success
Egoism is the biggest obstacle in the path of a failed businessman. It directly affects his public relations. And limits his relationships, while a successful businessman is very sociable and social. He has good relations with a large number of people, which can help in establishing a wide business network.
27: Standardization
The use of modern and standard techniques in the production and supply of products or services is called Standardization. This standardization of products

It is the system that puts a business or company in the competitive race. An unsuccessful businessman does not feel the need to use and apply such techniques, as a result of which the quality of his business or company keeps declining.
28: Imperfect Sales Strategy
Sales strategy plays a very important role in the development of a company and all profits are based on this policy. An unsuccessful businessman shows stupidity and inexperience in formulating a better sales policy according to the market, customers and location.
29: Untargeted Approach to Customers
Access to potential customers is the main success of a businessman. An unsuccessful businessman loses important sales and promotion opportunities due to his poor policies.
30: Quality of Service
Good quality of products and services is the guarantee of success in business. An unsuccessful businessman ignores an important issue like quality. And this negligence ultimately leads to his failure.
31: Lack of leadership
A successful businessman is actually a good leader who has the ability to guide his business and the people working under him correctly. He can determine the right direction of situations and matters. Whereas an unsuccessful businessman does not have this ability of leadership at all.
32: Supply Chain
The transfer of a product or service from supplier to customer requires an organized system, the absence of which leads to disorganization in the business system, and this disorganization ultimately causes losses. An unsuccessful businessman is negligent in this aspect as well. Or else he lacks the ability to do so.
33: Absence of Sources of Information
Information about market problems, customer trends, and the trends and procedures of other companies is of utmost importance to a businessman. This information helps in identifying various problems and finding new opportunities. An unsuccessful businessman does not appreciate the importance of sources of information, nor does he try to manage it properly.
34: Licensing
Licensing a product, service or your business ideas is a very important thing that saves you from many problems. An unsuccessful businessman neglects this matter due to his lack of knowledge or just laziness. While a successful businessman follows all such rules and regulations.
35: Self-education
Self-education is very important for a businessman. Business magazines and online business training programs inform about new trends and techniques of business. But an unsuccessful businessman does not form any plan for his self-education. This ignorance plays an important role in pushing him back in the business world.
36: Commitment to his mission
To formulate an effective strategy for a company or business, a businessman must have a clear mission in his mind. This mission acts as a guideline. An unsuccessful businessman does not understand the mission at first and even if he does, he does not give importance to his commitment to his mission.
37: Competitor Analysis
In the field of business, it is very important to know the quality of products and services of your competitors and their business techniques. In this competitive race, the shortcomings of one businessman become the strengths of another. A failed businessman neglects this matter too and remains at a loss compared to others.
38: Determining priorities
Remember that some things are urgent while some are important. A successful businessman knows the difference between the two. While an unsuccessful businessman is unable to determine his priorities and which matters require immediate attention. Due to this lack of understanding, many important and urgently needed problems are neglected.
39: Defective Memory
Success in business requires an excellent memory. A successful businessman has a good memory and remembers even the most subtle details. While an unsuccessful businessman does not have a good memory. Due to this flaw, many small and important things go unnoticed.
40: Negligence in Accounting
A failed businessman shows negligence and carelessness even in an important matter like accounting. The accounting section of such a company suffers from negligence. This negligence has a direct impact on the company’s budget.
41: Opportunity Recognition
The most important quality of a successful businessman is opportunity recognition. He has the ability to recognize a golden opportunity even in a crowd of difficulties, while an unsuccessful businessman misses many important opportunities due to this ignorance.
42: Not taking time for entertainment
Most unsuccessful businessmen do not even have time for entertainment. Continuous work causes mental fatigue and affects performance. A successful businessman is well aware of this fact. Whereas an unsuccessful businessman becomes mentally fatigued by working continuously.
43: Ignorance of better saving techniques
For a businessman, it is not the purchase but the method of purchase that is more important. A successful businessman always avoids cash expenses. He adopts the barter system and gives importance to the transaction of goods in exchange for goods. Whereas an unsuccessful businessman does not try to adopt methods of saving and does not take steps to prevent unnecessary expenses. This approach makes him a victim of financial crisis very quickly.
44: Public Management Skills
Business is actually a platform for the efforts of many people and their common

It is the name of producing a useful result from the efforts. A successful businessman has the ability to transform a crowd of people into an organized group. While an unsuccessful businessman is unfamiliar with this skill of public management.
45: Staff Selection Policy Staff Hiring
Selection of reasonable and capable people according to the culture, environment and demand of the company is an important matter. An unsuccessful businessman is not able to correctly assess the strengths, weaknesses and potential of an individual while hiring him. This affects the business of hiring poorly.
46: Staff Training
A large part of the investment of a company or organization is spent on staff. Therefore, proper arrangements for hiring and training of staff are of great importance. A successful businessman is well aware of this fact that a better output can be obtained by providing a better environment and training to a capable but inexperienced person. An unsuccessful businessman does not realize these important factors.
47: Unaccounted office expenses
Office expenses are among the most important and important factors. An unsuccessful businessman neither has a correct estimate of these expenses nor does he try to control them. Thus, many small but unnecessary expenses affect the budget.
48: Overconfidence
Overconfidence can lead to failure in any matter. An unsuccessful businessman suffers from Overconfidence. Instead of considering the circumstances, he makes decisions based on his own thinking, which leads to losses.
49: Establishing a business network
Marketing his business within a reasonable budget is the greatest skill of a successful businessman, which he uses to create a better and profitable business network. An unsuccessful businessman fails to establish an effective and useful network and a lot of his business potential is wasted in unproductive activities.
50: Ignorance of modern sources
In this era of digital marketing, adopting modern methods to expand the business and find more profitable sources is a sign of a successful businessman. Whereas an unsuccessful businessman remains bound by the traditional methods of business and does not use the easiest and fastest means to expand his network.
Identify what mistakes you make and correct them.