Besides these reasons, business failure, in general, is often tied to the reason the owner started the business. If your primary reason for creating your own business is to make a lot of money, spend more time with your family, or not have to answer to a boss, you may have begun preparing the perfect recipe for failure. While those are benefits some successful entrepreneurs achieve after years of hard work, they are not reasons to start a business.
Why Businesses Succeed
Reasons that lead to building a successful business include these:
• You have a passion and love for what you'll be doing and firmly believe — based on educated study and investigation — that your product or service would fulfill a real market need. • You have drive, determination, patience, and a positive attitude. When others throw in the towel, you are more determined than ever. • Failures don't defeat you. You learn from your mistakes and use these lessons as business tips to help you succeed the next time. Studies of successful business owners have shown they attributed much of their success to "building on earlier failures;" and using failures as a "learning process." • You thrive on independence and are skilled at taking charge when a creative or intelligent solution is needed. This is especially important when under strict time constraints. • You like — if not love — your fellow man, and show this in your honesty, integrity, and interactions with others.
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