The task of being an entrepreneur is not an easy one.
It requires so many skills that need to be learned and applied if your business must be among the lucky few that will survive the test of time.
To survive the harsh competitive business world, a variety of factors must come into play: your leadership, financial and managerial skills must be sharpened.
The following are some of the reasons why business fails.

• Mindset.
  For your business to succeed you must possess the right mindset needed to be a great entrepreneur.
  An entrepreneur are naturally risk taker, they planned ahead.
  He must have the necessary skills needed to surround himself with the right people who will work with him to make his business a success.
  Any other mindset apart from this is one of the reason why business fails.
  
• Leadership: As mention earlier your business can only succeed if you surround yourself with the right people with the right skills who have been inspired to be their best on the job.
  This inspiration can only come from an entrepreneur who has that leadership quality.
  He knows how to inspire and guides his team of smart people towards his determined goals.
  Most entrepreneur lack this quality and they can better be described as a manager.
  A manager managed substandard workers and end up in doing their task.
  
• Leverage: Another reason why business fails is because it is not properly leveraged.
  Leverage means accomplishing more with less.
  As a business owner, you need to be obsessed with finding ways to accomplish more with less in all aspects of your business.
  Business owner who learn to leverage themselves the most will always succeed in their business while others fail.
  
• Customer Data base:Another reason why business fails is because they do not have customer data base.
  Customer data base is the most valuable resource your business has if you want your business to succeed for a long time.
  The main goal of all your marketing efforts should be to get

Your prospects to give you their contact information.
Someone on your list enables you to sell to him ten times or even hundred times instead of having just one time interaction with him that goes nowhere.
Another great thing about a list is that since they have purchased an item from you before, their doors are open for you.
It gives you a ton of freedom to sell and promote other products to them.

• Residual Income: Residual money is the money that comes to you whether you continues to work or not.
  A business set up without a solid base of constant flow of residual income is bound to fail with time.
  For your business to survives the test of time you must have a product or services that you only sell once, but can sell over an over again.
  Better yet is a situation where you only need to sell once and the customer need to buy from you at regular interval.
  
• Mentorship: Today people with no training or skills in the world of business just start their own business without learning from those who has been in the field for long.
  They feel just reading books will do.
  To really succeed it is necessary that aspiring business man and woman start By working with a mentor, you can receive one on one attention from a professional who has expertise and will support you with wisdom, resources, and reflection regarding your wide arrears of needs.
  Your mentor will assist you in integrating knowledge or skills learned from practical experiences.
  Your mentor will act as a sounding board, lunch pad, or mirror in promoting your development and early intervention.
  He will also help you be accountable to your goals.
  

Choose your mentor wisely.
Be careful from whom you take advice.
If you want to go somewhere, it is best to find someone who has already been there.
Remember, who you spend your time with is your future.