The thin line between success and failure

      Annually countless energetic, smart and positive minded entrepreneurs take the leap of faith and open their new businesses with the hope, that their product/service would help in bringing a small change to the world, and in the process turn their businesses into successes. But sadly, most of these entrepreneurs face failure; some even before their venture takes off. Agreed even after taking every possible precaution, the outcome of any new venture cannot be guaranteed. Still, the following are some of the major mistakes that first time entrepreneurs commit. Let’s look into one at a time.

No formal business plan

   There is an important saying ‘when you fail to plan, you are planning to fail.’ Many new entrepreneurs avoid making a business plan as they find it time consuming and requiring a lot of research. But remember going ahead with one’s venture without....