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Recognizing failure and recovering from mistakes are essential skills for any entrepreneur. The impending failure of a business is something that you will instinctively recognize deep down, but human nature may prevent you from acknowledging it. Most startups are short of cash in the launch stages and then lurch from one crisis to another as they struggle to keep afloat. In such situations, entrepreneurs need to be strong-willed, confident without being cocky, and determined to make an idea work, often against the odds.
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