Starting a new business can be a very exciting time, you are going to be your own boss, decide what and when you do things, manage the purse strings, and in fact you are in control of everything. Are you really in control of the situation though, you have to deal with everything yourself so you have to stay focused on what you want to do and why. All business startups need advice; sometimes they need advice on where to get advice, so the budding entrepreneur has to be able to listen as there is more to running a business than understanding, or loving, the subject.
Like a chess game, success in small business starts with decisive and correct opening moves. And, although initial mistakes are not fatal, it takes skill, discipline and hard work to regain the advantage.
When you plan to start a business you do not plan to fail but statistics show that 70% of business startups fail within the first 3 years of trading. This is for a variety of reasons but they mainly hinge around business and financial planning. Basic mistakes like starting the business with insufficient financial backing or working capital to taking too much of the profits to remunerate the owners are...
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