First understand why many businesses fail so you take prevent that from happening to you.
Some reasons are as follows.
- No written plan
- Little or no education in business
- No coach or mentor
- Did not take advantage of appropriate resources (SBA for example)
- Lack of start-up finances
- Wrong location
- Lack of collecting and analyzing informational resources (internal and external driving forces to include information on the competition)
- Poor management skills including the inability to appropriately manage material, human, financial, and informational resources to achieve the organizations goals and objectives
- Starting a business for the wrong reasons
- Lack of good advertising to include a good web page
- Lack of a real passion for business
- Lack of contingency planning (risk management)
