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Business strategy
Reasons Why Many Online Businesses Fail
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[QUOTE="Stena, post: 220413, member: 67486"] Just like offline businesses, online businesses are bound to face challenges or fail if not effectively managed. Online business may fail for one or more of the following reasons: 1) Poor planning: any business that is not well planned would certainly not last long. planning in business is like laying the foundation of a building. Poor foundation would mean possible collapse of the building in future, same thing for a business with poor planning. It is important to take time to know the rudiments of the business, know the possible problems the business may face and think of better strategies to handle them. 2) lack of skills: it is impossible to make it big in an online business which one is not skilled at. A foreign exchange trader who has acquired skills in that aspect is sure to record success. You cannot delve into a business just because others are doing it. Whatever online business you want to take up, be it graphic design, coding, writing, affiliate marketing, programming, etc, it is very essential to acquire skill in that aspect. This is what would make you employable. 3) lack of consistency: there are people who want to be a jack of all trades. Today, they are into software programming and tomorrow they decide to blogging. Inconsistency has a way of not allowing one get his head in one game and make the best out of it. [/QUOTE]
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