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Arslan

Business owner | Bus... • 5m

At the end of March 2024, the country had a total number of 26.63 lakh companies and out of them 16.91 lakh or 64% were active. As many as 9.31 lakh registered companies were CLOSED, 2,470 were dormant entities and 10,385 were under liquidation. WHY a lot of companies are shutting down their business after 2021? Covid gave the boom to startups, everyone wants to be an entrepreneur and SHARK TANK worked as a fuel. 1. People registered their companies with an Idea (or just an idea to get rich) 2. Financial Challanges/ Invested everything in the setup nth left to run 3. Poor Market Research 4. Operational and Management Issues: lack of industry knowledge, inexperience leadership 5. Poor Planning/No clear vision 6. Not Sure where to get the sales from or failed to achieve expected sales Failure is part of the learning process, but quitting is not an option.To reduce the risk of failure, seek advice from a business consultant . Check my previous post related to business consultant

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