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Common and obvious problems faced by small business owners.
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[QUOTE="King bell, post: 268059, member: 75687"] Some of the common mistakes made by small business owners and people who have never ran a business before has been to consider themselves financially secure. They believe that their business is worth selling if the going gets tough, or if they find something else in life that is more important. Unfortunately, this mindset leads to a common and obvious problem faced by small business owners--leaving money on the table for a bigger opportunity. Beginners often consider the start-up expense as a sunk cost. They don't factor the initial investment as an asset to be leveraged. Instead, they see it as an opportunity cost or a loss. If they run into financial difficulties, they tend to liquidate their business assets and investments instead of finding ways to solve the problem by making adjustments in cash flow, financing, inventory management or capitalizing on new opportunities presented by the market. Another common and obvious problem is when entrepreneurs fail to establish their objectives in advance. They usually set up their business without a clear strategy. This can be detrimental especially if the company is in its early stages because it prevents you from identifying your prospects and knowing your ideal customer profile. [/QUOTE]
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Common and obvious problems faced by small business owners.
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