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You can pour your heart and soul (and life savings) into a venture, do all your duediligence, toil 80- and 90-hour weeks, and just when you’re on the verge of a breakthrough, a dark horse competitor sweeps in and decimates your market share. If you lose a customer due to price or other circumstances beyond your control, then fine.
If you lose a customer due to price or other circumstances beyond your control, then fine. It indicates serious flaws in your internal business processes that can lead to additional losses. Today, though, technology has changed that model. To remain relevant, entrepreneurs must use technology to stay close — but not too close.
Money buys resources, technology, and manpower — all critical elements in helping a new business succeed. Sub in new technology, a bigger store, a larger advertising budget, and on and on, for those two pennies and you get excuses made by struggling entrepreneurs everywhere. It takes courage.
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