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Reasons why people fail in business
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[QUOTE="Kennysplash, post: 69925, member: 26385"] [B]1 – Lack of planning[/B] – Businesses fail because of the lack of short-term and long-term planning. Your plan should include where your business will be in the next few months to the next few years. Include measurable goals and results. The right plan will include specific things to do, with dates and deadlines. Failure to plan will damage your business. [B]2 – Leadership failure – [/B]Businesses fail because of poor leadership. The leadership must be able to make the right decisions most of the time. From financial management to employee management, leadership failures will trickle down to every aspect of your business. The most successful entrepreneurs learn, study, and reach out to mentors to improve their leadership skills. [B]3 – No differentiation – [/B]It is not enough to have a great product. You also have to develop a unique value proposition, without you will get lost among the competition. What sets your business apart from the competition? What makes your business unique? It is important that you understand what your competitors do better than you. If fail to differentiate, you will fail to build a brand. [/QUOTE]
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