in Business+Finance by 1 3 22

6 Answers

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First you need to understand the nature of business you are engaging, study the market trends and look for opportunities. Profit are made through exploring marketing opportunities. You could exploit the delivery weakness of existing business and come up with a better idea.  Learn from the success  stories of others and see what you can adapt and apply to your business.  
by 5 13 82
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Starting a business is not an easy endeavor. It requires a lot of thinking and business planning to avoid failures in the future due to unanticipated events. Also, another thing to consider before putting up a startup is the risk behind it. The moment you decide to start a business venture, it also implies that you are willing to take the high risk of failure. But there are ways to avoid, or at least reduce, failure.

Though it will not 100% ensure a successful business, creating a realistic business plan will surely pull you out from danger. Create a detailed plan that includes all of the possible things that could happen along the way. By doing this, it will force you to create plan B's for certain decision that you will make. It will also set a clear boundary on the things that you should focus and exert effort on and those that should be less prioritized.

If you are clear with what you want, then the direction that you should take can can also be more defined. Also being wise and tactful in business decisions can reduce the losses that the company may face.
by 1 1 4
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Run business only if you are expertise in that. Maintain Self account and business account separately and common account is not advised. Have an emergency fund to sustain business for at least 6 months including employees salary,  self household expenses. This serves as back up to avoid loss. 
by 1 1 10
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It is inevitable to lose one's business, especially for small-scale businesses. It can be prevented if the entrepreneurs were able to do a feasibility study before starting up their businesses.
by 17 27 145
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Its not always necessary that one enjoys profit all the time, at times losses comes. But yes, one could reduce the chances of losses in the business with the help of accurate environmental screening ( both internal and external- SWOT analysis) and then advanced strategic planning in according to the outcomes of the analysis. It helps to reduce chances of loss to a great extent. 
by 4 7 65
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Often small nonpolar Bussiness tends to fail especially when no attention is paid to them. Collaboration with other businesses could help. Track trends and see what people like now in days. Get creative and innovative this cant be a boring business. Get come to goodquality professional employees.
by 5 9 67
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