Business if tough in todays world! Most small businesses go bankrupt or are closed abruptly in the first five years. Over the course of the next five years many of the remainders also pack up shop and lock their doors. Why do so many businesses fail?
The reasons lie in three main spheres. Those spheres of influence can be labeled personal, customer, and operations.
The Personal Sphere deals with the owners personal motivation to start a business. For example, if an owner wants to start their own business, but isnt willing to make the sacrifices necessary to make it thrive, then they are at a disadvantage when compared to other motivated businesspeople. When a business starts for the first time often it doesnt have a lot of money. Owners are required to sacrifice time, money, and happiness to succeed. If you cant do that, it is unlikely that such a business will flourish. Many times owners thought they could handle the hardship but once the novelty of being your own boss wears off they close the door.
The Customer Sphere is one of the most important components of your business. Without customers you do not have sales, without sales you do not have money and...
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