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  • Answer Upon - Starting a New Business: Do's and Don'ts to Assure Your Success

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    ral studies don't even take into account sole proprietorships. A look at the factors contributing to
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    Let's start with the good news. You've no doubt heard the statistics: that 9 out of 10 new businesses fail. Well, it turns out that census data show that about 65% of new businesses were still in operation after 4 years. As we dig a little bit deeper, though, the news is more sobering for solo entrepreneurs: Successful businesses tended to be employer firms rather than solo enterprises. And several studies don't even take into account sole proprietorships. A look at the factors contributing to
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    s fail. Well, it turns out that census data show that about 65% of new businesses were still in operation after 4 years. As we dig a little bit deeper, though, the news is more sobering for solo entrepreneurs: Successful businesses tended to be employer firms rather than solo enterprises. And several studies don't even take into account sole proprietorships. A look at the factors contributing to
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    ration after 4 years. As we dig a little bit deeper, though, the news is more sobering for solo entrepreneurs: Successful businesses tended to be employer firms rather than solo enterprises. And several studies don't even take into account sole proprietorships. A look at the factors contributing to
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    repreneurs: Successful businesses tended to be employer firms rather than solo enterprises. And several studies don't even take into account sole proprietorships. A look at the factors contributing to
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    When Phil hires a new helper for one of his construction projects, he first watches to see whether or not the newcomer has the right attitudes and habits to keep him as an employee. And, if the newcomer meets expectations,' Phil introduces him to his philosophy about work by telling him the woodcutters story.Two woodcutters who are working together for the first time, set off in the morning to cut down trees. One woodcutter works very hard, and aside from a couple of breaks, works steadily all day.The other woodcutter, though, seems to take many more breaks, at least one every hour. So the first woodcutter expects he'll have cut down many more trees by the end of the day.But, when they quit for the day,
    ral studies don't even take into account sole proprietorships. A look at the factors contributing to success or failure in these studies, though, can still offer valuable lessons to those determined to succeed.

    Here are a few do's and don'ts:

    1. Do your homework before opening your new business. The most common reason for failure cited in recent studies was "outside business conditions" having to do with increased costs (such as rent and insurance)and new c

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