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DB4 - Business Failure - Lisa Wilson

Business failure can be a great tool for the

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have a huge motivator to become more innovative, creative, and customer-friendly. Business failure can be a great tool for the entrepreneur to learn from. “A failed business venture is part of a journey, and the path to success. Without the experience and knowledge gained thru this undertaking you would be less likely to find success in the future” (Platnick, 2011). If you ask a person who holds a managerial role, they will say that it took a lot of hard work and mistakes than people are led to believe. Successful people are typically the first to admit their faults and mistakes. They embrace the learning curve; those mistakes helped sculpt them into the successful entrepreneurs that they are today. I encourage you to embrace your mistakes and to learn from them. There isn’t a single entrepreneur whom has not undergone failures. Do you have any failures that have led you down a better path? References Gwartney, J. D., Stroup, R. L., Sobel, R. S., & Macpherson, D. A. (2011). Economics-Private and Public Choice. (14 ed.). Ohio: South-Western. Holy Bible. (1982). New King James Version. Nashville: Thomas Nelson Publishers.
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Mburugu, C. (n.d.). The benefits of competition. Business Strategies, Retrieved from http://www.gaebler.com/The-Benefits-of-Competition.htm Platnick, J. (2011). Why business failure is vital to success. Retrieved from http://under30ceo.com/why-business-failure-is-vital-to-success/
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