By Erwan Philippe

When Jack came up with a novel idea for a service that his locality needed, he put his ideas to work, did a bit of research, secured some funding, and put together a team of managers and directors. With his small business up and running, he was finally living his lifelong dream to be an entrepreneur.

However, five years later, his startup turned out to be so unprofitable that he had to liquidate some of his assets just to compensate his creditors. Eventually he had to close shop, bidding goodbye to everything he worked hard for.

What could’ve gone wrong? It had nothing to do with how enthusiastic he was or how many hours he put in. No, it’s not the economy either. Read the complete post.