7. Lack of a company culture.
There is no happy company without happy employees. You may have a great business model and entrepreneurial skills, but the success of the company also depends on the staff.
It’s key to outline and implement a strong company culture from the beginning. And make sure that the people hired align with it.
Once in place, feed and maintain the culture mentality. Otherwise, you risk issues with high turnover. This has led to the internal collapse of many businesses in a shorter time span than two years.
(Blog."Reasons why businesees fail and how to avoid them". Liveplan 2021)
