Morne Patterson - Common Pitfalls in Small Business Failures

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Morne Pa erson - Common Pi alls in Small Business Failures

The entrepreneurial path is a rollercoaster ride which has many ups and downs. While there are many success stories around, the reality is that most small businesses fail. Iden fying and steering clear of common pi alls is crucial for the survival of your small businesses. Let's explore the mistakes that o en lead to the demise of small businesses and explore how to prevent these from transpiring.

1. Insufficient Market Research 

Mistake: Many small businesses leap into the market without conduc ng thorough market research. Failing to understand the target audience, compe tors, and market trends leads to a shaky founda on.

Impact: A lack of market insight results in misguided product offerings, misaligned marke ng strategies, and an inability to address customer needs effec vely.

Solu on: Conduct thorough market research. Analyse target demographics, consumer behaviour, compe tor strengths, and market gaps to iden fy opportuni es and cra a unique value proposi on.


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