People become entrepreneurs because of the profit potential the challenge, the satisfaction they anticipate and often receive from participating in the process, and sometimes because they are blocked from more traditional avenues of career advertisement. For me the primary reason why people build businesses is for money. Well for others it was their power, fame, prestige, investment or the challenges involved in it. Still revolving from them is to earn money. I want to clearly state that there is nothing wrong with making money alongside building your business but the wrong comes when making money becomes your primary aim.
I believe that successful entrepreneur are innovator, and they have good knowledge and skills in management, business and even networking. I agree that if we were to start a business we should look and observe for new ideas, monitoring the current business environment and other indicator’s of opportunities. In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business, but you can improve your chances of success with good planning, preparation, and insight.
I think the common cause of business failures are lack of business experience, bad cash management, attitude to succeed and bad decision making. Decision making is one of the most wanted skills in business and good news is that you can actually learn how to make good business decisions. I’m sure in the beginning this process will take more time but with a little exercise you will get better decision maker.
When the new business fail, the causes often can be traced to some common challenges that entrepreneurs face and must manage well. I think it we might not enjoy the entrepreneurial process, especially, survival including getting started and fending of competitors. It is difficult. I agree that a business plan can help us manage to start a business. The plan describes the venture...