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How to Avoid Business Failure (8 Expert Tips For First-Time Founders)

Starting a business requires a big dose of boldness. It can be a scary thing, but it can also be one of the most rewarding experiences of your life.

If you’re focused, organized and strategic about your actions, you’re well on your way to success. But, of course, business failure is all too common, so you need to be aware of the pitfalls to watch out for.

Whether you’re thinking of starting a business or you’re already on the entrepreneurial journey, in this blog post, I’ll share 8 vital tips to increase your customer base, revenue, and profits (and minimize the risk of business failure).

1. Carry out market research

Market research helps to validate an idea before execution. One of the biggest factors to consider is the viability of your proposed business.

Is there a market for the business? Are there other businesses meeting the same needs? If there are other businesses, do you have a unique approach to gain market share?

With market research, you’ll understand whether there’s a potential for your business or if you’re better off trying out something different. In fact, in some cases, market research can even help… Read More

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