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Tips for Running Your Business Like a Pro

Starting a business is easy, but running a successful business is an entirely different story.

For instance, in the United States alone about 9% of businesses both new and old close every year. The failure rate of new businesses is relatively high, with about 50% failing within the first five years. That’s astonishing! However, this also means that 50% of new businesses survive past the five-year mark.

There are many reasons a business may fail. Here are the common ones:

· No demand: A great service or product won’t get you anywhere if there’s zero demand for it. So, market research is crucial in the initial stages.