Starting a business is a lot harder than most people think. Rarely is a business so in tune with its customer’s needs that it can float along with minimal effort. But why do so many businesses fail? The reasons run deep, but here is what you should know before starting your own business. 

KEY TAKEAWAYS

• According to business owners, reasons for failure include money running out, being in the wrong market, a lack of research, bad service providers, ineffective marketing, and no proven process.
• Ways to avoid failing include setting goals, accurate research, loving the work, not quitting, and aligning yourself with the right team. 

Reasons for Failing

If you poll former business owners, you will get a wide variety of reasons as to why their businesses failed. 

1. Money Ran Out: This widely given reason doesn’t really explain why a business failed. The money ran out because it stopped coming in, so why did the cash flow dry up? Was it due to poorly managed...