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Learning From Failure

The best way to protect yourself against business failure is by going back to the basics.

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You need a good business plan, a solid marketing plan, an experienced management team and adequate capitalization. Even with all those factors in place, however, there are inevitably surprises and errors along the way. The key is learning from those errors as you go along so that small failures don't balloon into big ones.

Excerpted from Start Your Own Business: The Only Start-Up Guide You'll Ever Need

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