Many people go into business without knowing certain principles governing entrepenuership this is the reason most people fail in businesses which they set up, you might be experiencing loss and you feel you are putting your best into the business but still you're still undergoing loss. There are some certain things you might be missing that is the reason for your failure in business. To go into any business you must have these steps in mind.
Step 1: You have to examine your skill set, what are you good at?, do you want to be a consultant?, or do you want to be an independent who generates prospects?.
Step 2: You have to prepare a business plan, it takes much longer to establish yourself than people anticipate.
Step 3: Identify where the trends are and put yourself there,be on the leading edge. Thats what the market is looking for,not old ideas in old areas, be willing to change when business is making well.
Step 4: Research the market, find a niche, working with other experts can open new business opportunites and ideas for you, if you have multi-talent or talent fine, if you don't team up.
Step 5: You must budget the expenses it will take you to set up the business and have prospects of the future profit
Step 6 You must have capital to facilitate the business.
REASONS FOR FAILURE IN BUSINESS
1. Not fully understanding the market mess
2. Not recognizing the difference between cash flow and sales/income.
3. Not being able to cope with the sheer magnitude of stress involved.
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