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Business strategy
Number 1 reason why new businesses fail
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[QUOTE="Skysaint, post: 204426, member: 48818"] You are right in your observations. There are actually many reasons why a new business could fail and I guess it's about time anticipating business owners get to take notice of these points. Going into a business you know very little about will most certainly end in failure. Before one ventured into a business, it is advised that they make proper research to know how the business works and also to know if it's actually something they can handle. It's sad that this days people just jump into businesses simply because their colleagues are into such a without knowing that what worked for Mr A might not work for Mr B. Secondly, a business setup could fail if the business owner fails to put all necessary factors into consideration before setting up their business. Factors like the best and suitable position to run such business, if it's actually a business that needs constant electricity, then you should make sure that the location you choose should have a constant power supply. Imagine someone opening frozen chicken business in a rural area. Another factor that might lead to the downfall of a business is actually heavy and strong competition. This is not something to take very lightly as many businesses have crumbled because of this sole reason. Before setting up a new business, it is best you ascertain the competitive nature of the environment and also get prepared for future competitors because sometimes it's just inevitable. [/QUOTE]
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Number 1 reason why new businesses fail
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