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Business Failure in the Entrepreneurship

The topic of business failure remains an understudied aspect of the entrepreneurial process [Jenkins and McKelvie, 2016], however interest in, and momentum for, research in this area is growing.

According to Jenkins and McKelvie [2016] entrepreneurial failure remains unclear due to the varying conceptualisations of failure.

It can be explored using objective or subjective criteria, at both the firm and individual levels of analysis.

The way in which it is conceptualised influences comparability across studies and the relevance of research questions posed
[Jenkins and McKelvie, 2016].

The remainder of this monograph focuses
on the topic of business failure within the entrepreneurship literature.

Contemporary studies related to various aspects of the phenomena are discussed.

Particular attention is given to the areas of enquiry that have, thus far, dominated literature in the area.

Primarily attributions, learning, emotions and recovery are the growing themes within the contemporary business failure entrepreneurship literature that are covered.

This section begins with an exploration of research on causes of failure from the entrepreneurs’ perspective.

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MARKETING

Marketing is one of the most important activities as it generates revenue. Effective marketing of goods requires a thorough understanding of the customer’s needs and requirements. In most cases, marketing is a weaker area of small organisations.

These organisations have, therefore, to depend excessively on middlemen, who at times exploit them by paying low price and delayed payments. Further, direct marketing may not be feasible for small business firms as they lack the necessary infrastructure.

CAPACITY UTILISATION:

Due to lack of marketing skills or lack of demand, many firms have to operate below full capacity due to which their operating costs tend to increase. Gradually this leads to sickness and closure of the business. Meta for Business Growing Your Business with Internet Marketing

5 LESSONS FROM THE BOOK "HOW TO TALK TO ANYONE

1. Remember and use people's names: People love hearing their names, so make an effort to remember them and use them in conversation. Repeat the name a few times to help it stick in your memory.

2. Show genuine interest in others: People will be more likely to open up to you if they feel like you're genuinely interested in them. Ask questions and show enthusiasm for their responses.

3. Use body language effectively: Your body language can convey a lot about your intentions and emotions. Use eye contact, smile, and nod to show that you're engaged and interested in the conversation.

4. Find common ground: Look for shared interests or experiences that you can discuss with the other person. This can help build rapport and make the conversation more enjoyable for both parties.

5. Be positive and upbeat: People are naturally drawn to others who are positive and upbeat. Try to maintain a positive attitude and focus on the good things in life, even in challenging situations. This can help you build stronger connections with others and improve your overall well-being.

Thank you for reading.
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Entrepreneurs; Be your own Boss!

There are a lot of youngsters who cannot get into a job as they are not old enough for that but they wish to earn their own money.

For them here are a few questions which they need to reply to themselves.

1. Are you determined enough to earn money with your own labor?

2. Do you wish to b your own boss when you earn money?

If the answer to the above questions is in affirmation then you have the quality to be an entrepreneur who can definitely succeed.

To start a business, you need to have an idea for it and the zeal to earn money on your own.

Along with this, your goal must be to be the boss. These are seeds for the tree that make you a successful entrepreneur.

Here are a few ideas that can guide you to be teen entrepreneur. It is one of the toughest attempts that one can go ahead with to try the
entrepreneurship.

One ought to think carefully. You have to determine yourself on what sort of an entrepreneurship you can handle with success.

Also, what you like to do and what all catches, your attention the most.

Which is the field you have most knowledge about? The answers to these questions will lead you to the ideas of your business. Along with this you also ought to commit yourself to business to make it a success.

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Financial Model

Financial models are a critical component of any venture. Modeling how you spend and earn money is the only way to know how much to ask for. A proper financial model also forces you to ask the tough questions about where each and every dollar is going.

Your potential investors need to understand that the money you are asking for has some basis in reality.

Having a financial model sets that reality. It also is a tool for you to refine your ventures operations and run scenarios.

In some cases, you may not get all the money
you want. With a solid financial model, you can adjust accordingly.

Today, the best available tool to model your finances is a spreadsheet. Some financial packages (like Quickbooks) do have budgeting capability. The only problem with that approach is the learning curve, cost and inflexible input.

You really can’t enter in equations nor can you format the output like you want it. There are many schools of thought on granularity or details for a model. The level of detail will depend on your business and how much money you need.

If the business is a coffee shop, single person consulting firm, dog walking business or restaurant, then the simple one month is a good start.

For a more complicated business (like one that needs a significant amount of investment), a detailed monthly cash budget makes more sense.

The simplest financial model is a basic cash (Income/Expense) budget. In a startup, cash is
king. So, understanding every single expense is critical.

For a simple one month cash budget, follow these steps:

A dream written down with a date becomes a goal, a goal broken down into steps becomes a plan, and a plan backed by actions makes your dreams come true.

If knowledge alone makes one rich, librarians would be millionaires and professors would be billionaires. It's not always about acquiring knowledge or learning new things everytime. The key🗝 is to implement what you learn.

The world is full of dreamers, but only a few take the action required to make their dreams a reality.

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Men are born to:

✅ Push beyond their boundaries.
✅ Rise above challenges.
✅ Conquer the world
✅ Provide for family, be the family backbone

As long as you're a man, there's no any alternative path. Stop complaining and take responsibility.

“If you are emotionally attached to your tribe, religion or political leaning to the point that truth and justice become secondary considerations, your education & exposure is useless. If you cannot reason beyond petty sentiments, you are a liability to mankind.” - Chuba Okadigbo

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My trade went super fine

What about yours?

Don't wait for opportunities, create them.

This is one of the opportunity I have never regret doing

The ones who are crazy enough to think they can change the world are the ones that do.” “The road to success and the road to failure are almost exactly the same.” “I have not failed.

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