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Business Opening

In: Business and Management

Submitted By raadi
Words 797
Pages 4
Opening up a business may be one of the hardest things one can do. There is a great amount of effort that goes into creating a business and even greater effort to make it successful. Before opening a business, owners are obligated to keep fresh, open ideas, have good management, and being able to financially sustain their business. Even this may not be enough to create a striving, successful business. There are many factors that go into whether a business is successful or a failure.

One of the main reasons why small businesses fail is because of the owners/entrepreneurs themselves. This mainly goes for poor management skills that bring businesses to their demise. Owners who are stubborn, greedy, and self-righteous often don’t do what’s best for the company but choose what they think is the best. Also, owners who cannot operate their business financially are another reason for failure. Making mistakes such as paying too much in expenses including labor, rent and materials also factor into business failure. Businesses that don’t succeed often have poor accounting meaning there’s no organization of where the money comes and goes, and failure to have a backup plan financially. Another main reason for failure is not giving the people what they want. Entering a market that has low or no demand for their product is bad business planning. Advances in technology and a declining market also factor into the downfall of businesses.

One of the main reasons why small businesses succeed is proper and efficient management. Being able to manage the finances, time, and people’s needs are all must-do’s in order for startups to succeed. In order to manage finances accordingly, one must keep and efficient budget that is not too high or too low for running the business effectively. It’s important for businesses to also be able to do more with less. Time management is vital is making

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