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Why Business Fail According to Mark Cuban

This is a throwback video from Mark Cuban but the advice still rings true. Small Businesses don’t fail from lack of capital. They fail from lack of brains or lack of effort.

He also says 99% of small businesses can be start with next to no capital.

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Why Entrepreneurs Fail? Charging too Little

When entrepreneurs go into business their first main objective is to stay afloat and keep their necks above water by competing on price. The misconception that the only way to gain a competitive advantage is many entrepreneurs downfall. This type of strategy might work in the short term but can lead to cash flow problems and even business failure in the long term.

Read more of the 9 reasons entrepreneurs fail: http://teach.ceoblognation.com/2014/01/12/entrepreneurs-fail-9-killer-mistakes/

Image/Freedigitalphotos.net

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I think having a great idea is vastly…

I think having a great idea is vastly overrated. I know it sounds kind of crazy and counterintuitive. I don’t think it matters what the idea is almost. You need great execution. A lot of people say they’ve got this great idea, and “if only I had the capital” they’d go out and do it. Usually this is a fantasy. It’s just an excuse for not confronting their fear of failing. – Felix Dennis

http://www.inc.com/articles/2008/07/dennis.html

– Felix Dennis, http://www.inc.com/articles/2008/07/dennis.html

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Choose a business that’s your passion

“Are you passionate about it?” This was the first question that the Owl asked the Zebra about his idea to launch a funnel cake business. “Well kind of” replied the Zebra. The Owl leaned back and said, “Kind of isn’t enough. When you’re working 24/7 on your business and dreaming about funnel cake you will wish that you chose something you truly love.

Lesson: This tip is from “18 Reasons Why Businesses Fail” by Nick Psaila. It was featured on Rescue a CEO. “If you’re running a business or are inheriting one passed down from a family member and you’re not passionate about it, do your self a favor and just sell it. Life is too short to live everyday with something that you just don’t love. The litmus test I like to share with my clients is ask yourself these 2 questions (1) Would I do this for free? (2) Am I happy to dedicate the next 10 years to?”

Image courtesy of lamnee / FreeDigitalPhotos.net

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Your business is failing because you’re scared

‘I’m scared” the Zebra told the Owl in their weekly business consultation. “Well, fear is natural but don’t all it to affect you and your business. Remember, we worked together on a thorough business plan for 6 months and we continually study the industry so have done our homework now we just have to be patient and have faith that it will work out.

Lesson: This tip is from “18 Reasons Why Businesses Fail” by Nick Psaila. It was featured on Rescue a CEO. “Fear is eliminated through high levels of certainty. This is achieved through a combination of diligent research and faith. You need to tell yourself that rather than being a hostage to the outcome you can either: (1) Prosper from it or (2) Learn from it. There is nothing written in stone that will guarantee success.”

Image courtesy of lamnee / FreeDigitalPhotos.net