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The Third Reason Why Small Businesses Fail
Weak management.
Many enter into the business world because they're passionate about something but rarely do they get into business with a passion for human resource management and operations.
A survey showed that 52% of small businesses have labor quality problems. Coincidence? I think not.
Without letting go of the wheel and handing it over to someone with experience and strength, you won't be able to make up for your shortcomings.
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Another mistake that many entrepreneurs make is that they don't have good business plans. A business plan must include the following: business summary, competitor and market analysis, business model and operations plan, marketing and financial plan, and product and service offeri...
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The data on the survival rate of businesses showed that 22% of small businesses fail within the first year, 32% for the first two years, and 40% for the first three years of business.
Small businesses lack the ability to understand their customers because they are often not prepared to meet the marketing demands of their company.
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