Not having sufficient know-how to run a business in the chosen market or area is a reason for the high failure rate of new businesses.

Question

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Lack of knowledge and experience in a particular market or industry is a major reason why many new businesses fail. It is crucial for entrepreneurs to have a deep understanding of their market, competitors, and consumer behaviors in order to make informed decisions and adapt to changes in the market. Without sufficient know-how, entrepreneurs may struggle to create a viable business model, develop effective marketing strategies, manage their finances, and make other critical decisions that can impact the success of their business.

Not Having Sufficient Know-How to Run a Business in the Chosen