I shared eight things I wish people would have told me when I was in high school in a recent presentation. I will be sharing number seven today.
- The greatest reason that businesses fail is lack of capital. Start small with no debt.
I’m going to be completely honest; our family didn’t start raising animals or making skin care products with a business plan in mind. These businesses just sort of happened because people saw what we were doing and asked us to sell them products that we had gifted to them, witnessed how were raising our animals, or tasted and smelled the difference of our food products. I’m a terrible business person and accountant, and I have learned how hard it is to make a profit in a business. I’m also learning that I’m not alone. About half of all businesses fail by the fifth year.
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