Many business ventures are failing because of lack of a solid team. I totally agree with that statement. Lack of a solid team in business ventures lead to disunity among the workers.This disunity in business leads to poor performance in all departments because there is no coordination.The employees morale is reduced, and this means that they can’t take responsibility in decision making and control of the work as stated by Zacharakis and Bygrave.(1937).There is also a lack of information sharing, and this slows down decision making process and lead to business failure. Job satisfaction by the employees is not achieved, and this make them feel less motivated thus affecting the progress of the business negatively. Completion of goals is slowed, and if business does not achieve its goals timely then, it means that it will fail.In addition, it does not encourage innovation and creativity. Workers stick to the old ways of doing things, and this has a negative impact on the running of the business.

People learn by the mistakes made by others and as an entrepreneur one should learn from the failure of others.Greenstreet.(2004) outlined fourteen ways that make many business ventures fails.One step I would take is good planning.Plan makes an entrepreneur achieve his or her set goals. Fully researching my business idea will help to make sure that its not just a hobby.I will not cling to only one business venture because if it fails then that marks the end of the business. Keeping accurate business records and controlling my finances will help me to know when am making loss or profit and act accordingly.Other things are good experience, right business location, good time management, effective marketing, effective sales techniques and good customer relations.Implementing all those steps would results to success in my business venture.

References.

Zacharakis, A and Bygrave, W, D. (1937).Entrepreneurship: Building the Founding Team.(2^ndEdition).PP, 199.Danvers.John Wiley and Sons, Inc.

Greenstreet, K. (2004).Why Small Businesses Fail. Retrieved from, http://www.captureplanning.com/articles/69960.cfm?