When you leave the stability of a full-time career and paycheck to pursue your dream of becoming a business owner, the hope is to succeed. No one sacrifices their comfort and future on the premise that they’re going to fail. Yet, it happens to new entrepreneurs every day. Unfortunately, of all the new startups launched in a year, only half of them survive the first five years.
Though hopeful, ambitious, and driven towards success, lots of people take a leap of faith on an idea and fail. To avoid going down the same path, novice entrepreneurs are encouraged to learn from the mistakes of those before them. Knowing some of the common reasons businesses fail can help you to create a plan that reduces the likelihood of it happening with your own vision. [Read more…]