 Hey everybody, welcome back. Let's talk about small businesses, in particular, why most businesses fail. If you're a small business owner, you've got to listen to these reasons. Or if you plan to start your own business sooner or later, you need to know these stuff actually to minimize the risks and failures in the market. Starting a business of your own is a dream of millions of people around the world. But the fact is harsh and the failure rate is very high. Each industry has a different failure rate. But in general, about 50% of the businesses fail within the second year. After studying new businesses and market barriers for new businesses, I have found five most common reasons that failed the businesses. But before I start, I just request you to hit that like button and subscribe to my channel so that you can watch my new videos. And if you have any plan to start a business, please comment below what are the most difficult parts of starting a business. I will try to reach you out. Oh guys, let's jump into the video. Reason number one, the entrepreneurs do not realize that there is actually no market for their new product or service. Before launching the product or service, you need to make sure and do a deep market research that there is a valid market need before you try to start selling something. Number two, most failed businesses started with insufficient fan so that the new business quickly run out of money. It's okay to start with little to no capital if you follow the right strategies. If not, you will fail, which is one of the main reasons for many entrepreneurs. Number three, the new products or services provided by the new business offer no clear advantage over what already exists in the market. If you want to start a business, focus on how your products or services are solving a problem. You need to be different, at least be different. You might heard the expression, different is better than better. And number four, expanding too quickly. Growth is a wonderful thing, but not when it gets out of hand. Can't be managed effectively guys. Instead, wait and slowly grow. Once you are sure that you can control expanding, then go ahead. And number five, lack of the right people in your team. I felt in one of my businesses in 2017, only because of the wrong people in my team. Most of the time you see dishonesty in a team and some partners are not really agreeing with your decisions. And then you lose focus and customer complaints rise, quality declines, and there are many other problems that are rising. A strong and united team who work for a single purpose to grow the business can grow much faster. There are many uncertain external factors that small businesses fail, like fast technological advances that leaves you behind. Our competitors take unexpected action. Our customers taste change, but in common. These five reasons are the main reasons why most small businesses fail. I'm in South Korea and if you're interested to do business in Korea or expand your business to Korea, please comment below. And in case there is a specific question, please email me and avoid contacting his commerce to WhatsApp numbers that they are posting in the comments. That's not me guys. And also please click the notification bell and subscribe to my channel. If it's your first time watching my videos, if it's not, if it's the second time, third time. So you smash that like button and I will see you in the next video. Thanks and have a good day.