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There’s good news and bad news when you talk about starting a new business. The good news is that a recent report from the Global Entrepreneurship Monitor (GEM) finds that 27 million working-age Americans—nearly 14 percent—are starting or running new businesses. The bad news is that nearly 50 percent of new businesses fail within five years. There are many reasons for this failure: a product that the market didn’t need or want, insufficient funding, or bad location, for example. How can this happen and what do you need to do to avoid the pitfalls and start a business that will become profitabl
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