Having worked with entrepreneurs and business owners for more than 20 years I can say unequivocally that most businesses fail because they don’t know what they don’t know. Many businesses start out with an idea to deliver a product or service to the market. As the business moves along the owner or entrepreneur doesn’t know what variables they should be looking at in their business to ensure success. This doesn’t mean that every business should have a detailed business plan because that won’t take into account the change in circumstances or market that are guaranteed to happen. What is means is that a business typically lacks some simple guideposts that it can measure its progress (or lack thereof) against and adjust as necessary. Businesses don’t have to fail at the rate in which they do but unfortunately when you don’t know what you don’t know circumstances and changes can be difficult to navigate through until its too late.
"music by Joakim Karud https://soundcloud.com/joakimkarud"