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Why Do Home Based Businesses Fail?

This story is told far too often. A new would-be entrepreneur dreams of leaving behind the corporate rate race. He dreams of spending more time with his family. He dreams of ending the countless hours spent commuting. He dreams of financial independence, financial freedom. Riding these dreams, he enters the difficult but exciting world of home based business ownership, loaded with optimism and enthusiasm. His excitement can barely be contained as he jumps in with both feet. He endures the emotional roller coaster that is typical of all home based businesses. But ultimately he gives up. He fails. He is no longer a home based business owner. So what happened?

This is all too common. In fact, over 95% of all home based businesses fail within the first year. This is a disturbing statistic, but it is all too true. Of every 100 entrepreneurs to start a home based business, a full 95 will fail within one year. This staggering statistic may make some would-be entrepreneurs reconsider their decision to venture out on a home based business. But with the right information, you can be successful in your home based business enterprise. So what are some of the reasons why they fail?

While there are many specific reasons for home based business failure, one that I consider to be the most common culprit is a failure to take immediate and decisive action. We’ve all seen this – the new home based business owner is full of excitement as he strikes out on his home based business endeavor. He makes plans, studies up on his product or service offering, he makes lists, shuffles papers, and feels busy doing it. But NEVER mistake busyness for action. They couldn’t be more different, especially for a home based business owner. I would define Action as performing an activity that has an immediate and specific desired effect.  As a home based business owner, you can compile lists all day long, but unless you talk to the people on the list, and talk to them in the right way, that list is nothing but busy work. Failure to take action is death to a home based business, or any other business.

There are many more reasons for home based business failure, besides failure to take action. But behind every specific home based business failure is one underlying weakness, one underlying deficiency. If you have this, your home based business will be successful. If you don’t, then your home based business will most likely be a failure. This specific core cause of home based business failure is discussed on our company website. See our contact information on this page, and visit our website designed specifically to educate home based business owners on the specific causes of home based business failures.

As a home based business entrepreneurs, you owe it to your home business to arm yourself with all the knowledge available to you. Give your home based business every chance for success. Visit our website to learn why home based businesses fail, and how to make your home based business a success.

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Article Source: ArticlesBase.com - Success in Your Home Based Business - Why 95% of all Home Based Businesses Fail Within One Year