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(a) Learning the trade. An overriding reason for failure is lack of knowledge about the business. No knowledge of the market and their competitive strength and what is actually involved in running the company.
One can learn the trade by working for others or start as a Franchisee (right or licence owner using the product or the production or selling method of a product or service developed by another company known as the Franchiser).
(b) Gaining a competitive edge. i.e delivering better than competitors. May be by low pricing, differential product, through better quality, or by finding a niche in the market by serving a limited segment of the market.
(c) Getting the most from employees. Employees can break or make a business as they are the ones who carry out the firms business plans. Adequate compensation and provision for development and responsibility are important.
Titany answered the question on October 26, 2021 at 13:20
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