Thinking of starting up on your own? Great! Go for it! And… do your research because the business startup failure rate is as high as 90%! Know why this happens and you can give your awesome business innovation the best chance to succeed.
So, why is the failure rate so high for startups?
1. Starting for the Wrong Reasons
Many people think that opening their own business will enable them to make a lot of money and have more leisure time. Not having to answer to a boss is also a strong attraction. So is calling themselves entrepreneurs.
True entrepreneurs, and those with the highest chance of success, display these traits from the outset:
Passion. You need a strong passion for your product or service you intend to offer. Study the market and believe that your product will fulfill a need and solve problems.
Never give up at the first hurdle. Nothing beats drive, a positive attitude and a determination to make things work.
Persistence. There will be problems, even failures, along the way. Pick yourself up, dust yourself off, and carry on. Harness your passion and determination to persist and learn from failures.
2. Poor Planning
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