By Sean Golriz Starting a business is an exciting journey, but it’s also fraught with challenges. According to the U.S. Census Bureau and the U.S. Department of Labor, a staggering 90% of businesses fail within the first 10 years. This statistic is alarming, but understanding the reasons behind this high failure rate and learning how to navigate these challenges can significantly increase your chances of long-term success. Key Reasons for Business Failure Lack of Market Need Misreading the Market: Entrepreneurs often assume there’s a demand for their product or service without sufficient evidence. This misjudgment leads to offering something that
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