Another fact rarely considered is that the majority of new businesses fail within a few years. In most cases, business failures are due simply to poor planning or no planning at all. Most people who go into business enter a field related to their current employment or a favorite hobby. They don't do a market study first to see whether the demand for their product or service is growing, declining or stagnating.
They also fail to allot the proper time for administrative tasks. Most new business owners assume the majority of their time will be spend producing and marketing their product or service. Unfortunately, this isn't the case. An inordinate amount of time is spent on administration--talking on the phone, purchasing supplies and equipment, filling out government forms, and taking care of other mundane duties.
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