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The elusive nature of business.

Why are there so many failures in businesses? Because there are more ways to lose money than to make money. Even if you are aware of the ways to make and to lose money, you may still lose money. Why? Owing to human factors, you will make mistakes.

Is there any way we can solve this problem? The best solution is to have the courage to make many small mistakes, at the same time protecting yourself from making big mistakes.

Some examples of big mistakes are:
1. you end up in jail
2. the court find you more than you can afford
3. you are made a bankrupt
4. you encounter serious bodily injuries
5 you lose too large sum of money in one single mistake

Therefore, procedures to protect you against these setbacks are of paramount importance. Examples are: safety first, budgeting against loses, exit strategy, do only legal business, etc.

posted by DR SOON @ 10:48 PM