In my opinion, small businesses can fail due to various reasons, including insufficient planning and strategy, inadequate market research, poor financial management, intense competition, and failure to adapt to changing market trends. Additionally, a lack of effective marketing and customer engagement, inability to attract and retain talented employees, and limited access to capital can contribute to failure. Overcoming these challenges requires careful planning, market analysis, financial discipline, adaptability, strong marketing efforts, customer-centric approaches, attracting skilled personnel, and seeking financial support through various channels.
And sometimes among the many failures that happen to small entrepreneurs is that they don't have a backup plan and reserve funds when they fail with the initial plan or they experience losses in the initial trial. So that the strength of capital sometimes also becomes a very, very important thing. Mind capital such as insight and careful planning as well as financial capital to start and run a business and restart a business when it fails. Currently, even to make a product known more quickly, of course, we must first spend money on promotion costs. And now even a promotion can be done practically and easily through social media. The point is that small business owners also have to be able to adapt to the current situation. one of them must be familiar with every technological development and customer demands who always want to try new things that are practical and easy.