Paraphrase 2023 am

4. Lack of competitive awareness

A company that operates in its own bubble and ignores what competitors are doing is bound to fail. In order to succeed in business, you need to know what your competition looks like. You don’t need to do much in terms of market research, either — regularly checking competitors’ prices, advertising, and social media can give you insight into their strategy and plans. In many industries, collaborating with competitors can even increase your market share as well. 

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4. To succeed in business, it is essential to know about your competition. Company who isolates themselves to be in their own shell and operate generally lead to failure . Knowing about competitors pricing, advertising and social media marketing can help us to create competitive policies and strategies for future . Nevertheless, in many Industries, collaboration within competitors have also benefitted the two parties . It is not necessary to do extensive market research, staying informed about competition is often enough. ( Fang 2022)

Group #5

Business plans and a strong policy are really crucial for financial achievement, however with severe changes businessman will have to change their plan such as when inflation occurs. Businesses should adapt to changes and always have to prepare for uncertain events. (Fang, 2022)

Group #5

Nowadays, businesses are ruining because of global changes such as COVID-19 or a inflation. Without well-defined business strategy many businesses ruin. Therefore, companies should count in advance on various failures (Fang, 2022)

Group #5

Having an excellent business plan is important to a successful business. However, failing to have the skills to adept to the rapid change can cause even good company to fail by missing out on new growth opportunities. (Fang, 2022)

Adequate capital is the lifeblood of any enterprise, and insufficient funds can lead to the downfall of businesses. In business, the availability of funds or resources is crucial, as without them, you can't start or operate a business. Most businesses experience initial success because they can carefully manage the flow of money during their startup phase. Thriving startups are those that possess ample capital to sustain their daily operations. Therefore, the main responsibility of a startup's CEO is securing funding, whether it be from angel investors, crowdfunding, or business loans. This financial foundation is what propels a business toward lasting success.(Fang,2022)

To make a business successful, capital is not enough even fund managing is priority. Keep your personal and business finances separately by getting business bank account, it will help you provide what you actually have. Moreover, lack of budget, spending too much and even less may ruin your business. (Fang, 2022)

you might be aware of the potential value that your product might offer and fulfil; however, clients wouldn't know about it without any advertisement. Therefore, the marketing component is important since each business decides how to sell themselves. (Fang, 2022)

You might be aware of the potential value that your product might offer and fulfil; however, clients wouldn't know about it without any advertisement. Therefore, the marketing component is important since each business decides how to sell themselves. (Fang, 2022)

4.There is obvious when a company does not attention to its competitors operations will be fail. All successful businesses should consider other ones looks like and do some research about basic items such as prices and advertising. There is another way to increse market success which is collaborating with other companies.

(Fang,2022)

Adequate capital is the lifeblood of any enterprise, and insufficient funds can lead to the downfall of businesses. In business, the availability of funds or resources is crucial, as without them, you can't start or operate a business. Most businesses experience initial success because they can carefully manage the flow of money during their startup phase. Thriving startups are those that possess ample capital to sustain their daily operations. Therefore, the main responsibility of a startup's CEO is securing funding, whether it be from angel investors, crowdfunding, or business loans. This financial foundation is what propels a business toward lasting success.(fang,2022)

2. Bad financial management

Just having capital isn’t enough to make a business successful. Managing that funding is just as important as getting it in the first place. One good first step is to get a business bank account to separate your personal finances from your business finances and help you get a clearer picture of what money you actually have. Other financial no-nos that may spell doom for your business include not having a budget, spending too much, and even spending too little.

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1. Financial insecurity

Cash flow is the bloodline of any business. This means that businesses can be ruined with inadequate capital. Successful startups are the ones that have sufficient capital to run their business operations. The primary duty of a startup CEO is to be able to raise capital, whether through angel investors, crowdfunding, or business financing. 

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5. Failure to pivot in unpredictable times

Yes, having a strong business plan and a solid strategy with a well-thought-out roadmap is extremely important to business success. But when major changes happen (like, say, a huge economic recession or a global pandemic), a good business leader will be able to pivot. Many brick-and-mortar companies that didn’t turn to e-commerce through the pandemic in 2020 missed out on new revenue streams and went under as a result. Truly successful startups are always looking for opportunities to do something better by thinking outside of the box and constantly questioning the status quo, and this is even more true during unpredictable times.”

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3. Ignoring marketing

You may know that you have a great product or service that meets a market need and offers unique value, but how are your prospective customers supposed to do that? Businesses of all sizes and types ignore marketing at their own peril. 

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