No skills, no business

[Starmix]

When we hear people saying that a business goes bankrupt, their reason is that the owner has no skills in managing their business. The truth is that bankruptcy is not solely about lacking skills; it often results from a combination of factors. Unexpected events like medical emergencies, job loss, or economic downturns can lead to bankruptcy, regardless of one's skill set.

Also, skilled professionals, such as doctors or lawyers, can still face bankruptcy due to poor financial decisions or unforeseen circumstances. Bankruptcy can also stem from a lack of financial literacy, rather than a lack of vocational skills.

Further, even with valuable skills, individuals may struggle to compete in a rapidly changing job market, leading to financial difficulties. Bankruptcy can result from predatory lending practices or unfair business deals, regardless of the borrower’s ability to repay.

Furthermore, despite their entrepreneurial skills, small business owners can face bankruptcy due to market fluctuations or unforeseen expenses. Many individuals who experience bankruptcy possess valuable skills but lack the resources or support overcome financial hardships.

Moreover, bankruptcy can be a result of systemic issues, such as wage stagnation or lack of access to affordable healthcare, not solely individual deficiencies. Ultimately, bankruptcy is a complex issue influenced by various factors, and attributing it solely to a lack of skills is an oversimplification.

 

[kit_hung]

Bankruptcy not sign of lack of business acumen because disasters like illness and economic downturns can happen suddenly. I think it's better to plan ahead with solid to protect your assets.

 

[Starmix]

Also, despite their entrepreneurial skills, small business owners can face bankruptcy due to market fluctuations or unforeseen expenses. Many individuals who experience bankruptcy possess valuable skills but lack the resources or support overcome financial hardships. It is a testament that bankruptcy does not solely originate from a lack of skills. It could be from various unforeseen factors. It is better for the business owner to plan well.

 

[eLdavis]

The simple truth is that you could be skilled and still go bankrupt. Just one small mistake is enough.

 

[Starmix]

Indeed, even a skilled business owner could go bankrupt. What is important is resilience, consistency and strategic planning. Unskilled business owner needs to have a constant study.

 

[Augusta]

Yes, because it is only skills such as critical thinking, leadership, and communication that will enable you to lead, guide, delegate, communicate, and manage time

 

[Starmix]

Though there are people who manage a business without skills, with the help of their trusted family member, they can learn and acquire skills in a gradual manner. Se cannot also judge them as useless.