Every individual has to cross various stages of life, from the day they are born till the day they die. These stages of life are education, career, marriage, relationship, wealth, health, and retired life.
No matter which industry, businesses face multiple challenges. Some challenges are more complex to solve than others. According to the US Bureau of Labour Statistics, about 20% of small businesses fail by the end of their first year. By the end of their fifth year, 50% of businesses fail; and by the tenth year, the failed business number rises to 80%. Because of an alarming failure rate, it is imperative to find the root cause of the business challenges and fix them early.
Commonly individuals face business-related problems such as: