A few years ago I started my own business, thinking I would have a better
chance at entrepreneurial success, I had a passion for what I was doing,
and strongly believed based on study and research, that my service would
fulfill a need in the marketplace.
Unfortunately, my business failure was based upon poor management as
I lacked the relevant business and management expertise in areas such
as finance, purchasing and selling.
I had disregarded a very important aspect once the business was established,
the continuation of market research and customer data.
Another issue I faced, was having insufficient operating funds having
inappropriately underestimated how much money I would need and in the
end had unrealistic expectations of incoming revenue from sales.
I had taken into consideration that many start up businesses take a
year or two to get going meaning that I needed to have enough funds
to cover all costs until sales could eventually pay for these costs.
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