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Give me an example of a time when something you tried to accomplish and failed

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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