According to Bloomberg, 8 out of 10 entrepreneurs fail within the first 18 months. Why is that so? What can be done to improve the success rate? Discuss opposing perspectives.

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Name: Tutor: Course: Date: Word count: 982 Entrepreneurial Success Every entrepreneur starts a business with dreams that profit will be made in return. However, Bloomberg discovered that only about 20 percent of these entrepreneurs end up being successful. On the other hand, already established business owners knows all that it needs to be successful such as confidence, motivation, drive for success and winning attitude making it less likely for them to fall out of the market. This analysis, therefore, aims at finding out why many entrepreneurs fail and what should be done to avoid such scenarios. One of the reasons that most entrepreneurs fail during their first months in business is a failure to establish a connection with the customer. The client is the primary asset of the company since without them the business is inexistent since it has no one to buy its products. Every entrepreneur enters the market after seeing a potential gap in the market or after coming up with new services and products (Furr, 196). Failure to capitalize on this market gap is the worst experience an entrepreneur should experience. The best way for entrepreneurs to solve this problem is to institute a two-way communication with the customer in the business right from the start (Busenitz, 9). Many are the times that a new product or services will have the incomplete satisfaction to the client. It is rarely possible to achieve perfection at the first instance. Giving the chance to dialogue with the customers helps in acquiring ideas needed to improve the business services or products. Lack of real differentiation in the market is another reason that many businesses fail within the

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