Give me an example of a time when something you tried to accomplish and failed |
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| A few years ago I started my own business,
thinking I would have a better chance at entrepreneurial success,
I had a passion for what I was doing, and strongly believed based
on study and research, that my service would fulfill a need in the
marketplace.
Unfortunately, my business failure was based upon poor management as I lacked the relevant business and management expertise in areas such as finance, purchasing and selling. I had disregarded a very important aspect once the business was established, the continuation of market research and customer data. Another issue I faced, was having insufficient operating funds having inappropriately underestimated how much money I would need and in the end had unrealistic expectations of incoming revenue from sales. I hadn’t taken into consideration that many start
up businesses take a year or two to get going meaning that I needed
to have enough funds to cover all costs until sales could eventually
pay for these costs. |