It is no secret that one of the keys to becoming a millionaire in the United States is to start a business. Unfortunately, it’s not as easy as it sounds. In fact, 99% of business owners who start a business without any business experience fail within the first few years. They may have excellent ideas, but they don’t know how to execute them. Most of the time, it’s the simple things like not selling enough of the product or cost control that can really bring a business down. Another main cause of business failures is managerial incompetence. The people running the business need to know what they’re doing. On the other hand, about 80% of businesses started by experienced people succeed. They have the knowledge of how to sell, negotiate, and raise money that to some people are available only through experience. Starting a business is clearly not all about luck. You have to know where to start and how to succeed.
Daniel Kleinhaus
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