Quote:
Originally Posted by Yuliya Mironova
The broadest heading will be "mismanagement" but this is perhaps too broad to have much meaning, on its own!
I suggest these are among the common reasons (and all of them could come under the heading "mismanagement", perhaps?):-
1. People don't set them up properly as businesses in the first place (including many people who are "following their own passion", and others without any bookkeeping/accounting experience who have failed to appreciate that they must either learn very quickly or outsource this function, and budget for doing so)
2. Undercapitalisation (including "unexpected cashflow problems", perhaps largely caused by lack of financial awareness/understanding)
3. Lack of market research about what people are actually willing/able to spend money on
4. Lack of a proper business plan and/or lack of commitment (the two are commonly associated, I think)
5. Disillusionment and frustration that "things don't happen quickly enough": I suspect that as many people greatly overestimate what they can achieve quickly as greatly underestimate what they can achieve slowly
Is Eben Pagan doing this in his own name or as "David DeAngelo"?
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Totally agree.
I also would like to add... conflicting information. Many (new) people do research before jumping in but where are the "checks and balances?"
Quite a few "Experts" are not what they appear to be. Unfortunately it takes time to distinguish the Prophets from the Profiteers.