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It is familiar feeling among new entrepreneurs. You submit your business plan. With half dread and half optimism you wait. And wait. For weeks. There is no response from the bank or investor. After a few months, you know your business plan has been rejected. (more…)
The small business has always faced a high risk of failure. On average, only one in ten new businesses survives beyond five years. Reasons for failure vary widely: from poor planning to inadequate resources, heavy competition, unwanted products and even pure bad luck.
Most of the time failure occurs after a substantial investment of time and money into the business. Even entrepreneurs with the most meticulously prepared business plans or those with loads of startup capital have been seen failing.
The flaw of the conventional startup process arises from its focus on predicting the future. More…
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