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the biggest reason that most businesses fail is …
most businesses are started by people who are very good at their day jobs .. they want the freedom from a boss…
most of them don’t realize that once they venture out on their own , the customer is the new boss 🙂
unless they have good business skills – coming up with an idea, selling , advertising , marketing , handling the finances .. they are most likely to fail
but the number one reason that businesses fail is lack of marketing .. not having a proper marketing plan .. marketing is the lifeline of a business .. it rakes in the moolah .. brings in the customers ..
it is very different from industry to industry and from the scale of the business ..
you just cannot compete with the goliaths of the world .. you cannot be all things to all people ..
you have to carve out a niche out for yourself .. excel in that niche and then go for a new niche … slowly capturing the market .. niche by niche