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Many new business owners make several risky and costly mistakes that harm their enterprises. This type of business mistake should be avoided. These are the eleven deadly mistakes of entrepreneurship: 

1. Underestimating the value of your goods and services

Many times, we underprice our products and services because we lack confidence in our abilities and are afraid of failing. If you go down this road, you risk undermining your unique worth and creating animosity and irritation among your team members. Recognizing the ideal pricing entry point for what you’re offering is a difficult road to recover from undervaluing your goods when you first start. Don’t overcharge for your product, but don’t undercharge either to get more market share. Price it like it if you’re good. Starting a company sometimes begins with the idea of giving something away for nothing to build a name or brand in the community or for charitable purposes. You don’t want to be known as a giver of freebies, so proceed with caution. First, get the cashier to ring the bell. 

2. Inadequate planning and resources for financial matters

Common mistakes of an entrepreneur are that they frequently ignore their financial planning and underestimate the amount of capital they’ll require to get their company off the ground. As a result, you may find yourself short on funds just as your company is starting to take off, or you may find yourself in a cash crunch altogether.

Prepare financial projections for your new company, especially for the first 12 months, to avoid such issues. As a result, you’ll be in a better position to obtain loans and investments.

Finance and business go hand in hand. 

This is a crucial issue that no business owner, no matter how little or large their company, should overlook. You’ll have a better understanding of where your company stands if you look at the financial accounts. It aids you in identifying where your money is going and where you need to make cuts.

3. Refusing to embrace new technologies

Technology may open up new doors for small business owners, help us operate more efficiently, and even help us save money. Intimidating as it may be, the new technology takes time to acquire and understand, but failing to keep up with technological changes can be detrimental to your company’s long- and short-term success.

Call routing systems and AI chatbots are two ways entrepreneurs can utilize technology to streamline customer service. The use of project management software can help keep projects on schedule while also making the most of available funding. Invoices and financial administration are also automated. Technology may benefit everyone, even HR.

A challenging business environment, limited resources, and the necessity to take advantage of every growth opportunity confront entrepreneurs. This is impossible if you don’t keep up with the latest technological developments. There are small business mistakes and failures that entrepreneurs usually make.

4. Possessing No Specific Marketing Plan

For many entrepreneurs, success is defined as the ability to manage and balance the various areas of their firm, such as finance and accounting. Marketing is one of the most critical of these elements. Basic entrepreneurial marketing is a set of unusual tactics that can assist new companies to emerge and have an advantage in competitive markets for start-ups and younger corporations.

Entrepreneurial marketing, as opposed to traditional tactics, focuses on pleasing customers and developing trust by offering unique products and services that disrupt or appeal to a specific market. Never assume that a new customer will learn about your company the same way you did. Prospects will have a hazy idea of what your company can provide if you send out a variety of communications.

If your organization wants to be taken seriously, it has to send an unambiguous message everywhere it goes. A first impression is the only chance you’ll ever have. Ensure that your company’s message is consistent with every new customer who comes into contact with it.

5. Ineffectiveness of the Company’s Plan

Business planning is often overlooked by small companies before they open their doors. Minimum requirements for an effective business plan are as follows:

1. Provide a succinct description of your company

2. Becoming aware of current and future requirements for employees and management

3. Threats and opportunities in the whole market

4. Needs for capital investments, as well as predicted cash flow and varied budgets

Initiatives in the field of marketing

5. Analyzing the opposition

It is a recipe for disaster for entrepreneurs who don’t take the time to map out their business’s demands before operations begin. The same applies to a company that doesn’t conduct periodic reviews of its business strategy, or that isn’t ready to adjust to changes in the market or industry.

Before launching a firm, entrepreneurs should thoroughly research their industry and the competition to avoid common errors. The precise business model and infrastructure of a company should be defined well before clients are offered items or services, and possible revenue streams should be accurately forecasted well in advance of the offering. The long-term success of a business depends on the creation and maintenance of a business strategy.

6. Lack of Leadership

Lack of business acumen on the side of the management team or the business owner is another major reason small enterprises fail. Many times, a company’s sole executive position is held by the company’s owner, especially in the initial few years of existence.

Even though business owners typically have the required talents to design and market a profitable product or service, they lack the qualities of a good manager and lack the time to effectively manage their other employees. A business owner is more likely to mismanage some parts of the firm, such as finances, hiring, or marketing if they do not have a dedicated management team.

Also Read: How Leadership Has Changed in 2021

It’s common sense for business owners to outsource tasks they’re not good at or just don’t have enough time to execute well. For a small business to be viable in the long term, it needs a well-rounded management team. Businesses must be confident in their managers’ knowledge of the company’s operations, present, and future personnel, and products or services to be successful.

7. Not paying attention to what customers have to say

Product feedback and reviews aren’t just handed out for the sake of it. They assist you in determining which tactics are most effective with your clients and which are not. Being aware of this helps you enhance your company and prevent techniques that don’t work well with clients. It is possible to earn the loyalty of your customers by showing them you are interested in what they have to say. They’ll also become your most valuable brand ambassadors.

Poor customer service can easily ruin a consumer’s experience. Your customer service crew is an extension of your company’s brand. Over 90% of consumers who are unsatisfied with your customer service experience will simply not return, according to Shauna Geraghty, a clinical psychologist and the worldwide leader in customer support innovation.

8. Entrepreneurs are looking for quick returns on their investments with minimal work.

The lifestyles of successful entrepreneurs can be so alluring to would-be entrepreneurs that they lose sight of the fact that their success is the result of years of dedication and hard work. Success does not come easily. A successful business will necessitate long hours and the sacrifice of personal interests. Starting a business is not something you should do if you want to be a millionaire in a month. Even if you achieve financial success, it will be a long road to get there. Before you can achieve your goals, you must be patient and laser-focused on delivering the finest possible product or service.

9. They put a lot of emphasis on social media, ignoring the significance of email marketing

Using social media channels to grow your following and spread the word about your company is a terrific idea. We should not, however, rely solely on this technology to convert followers into consumers. To get individuals into your sales funnel, you must use social media as a doorway. With email marketing, you can turn prospects into paying clients. Social networking should only be used to increase your website’s traffic, not to promote your brand. You make money from your internet marketing operations by using email marketing. In the absence of email marketing, your company is missing out on the revenue it could be making from its presence on the internet… You should be aware of this fact. To make money, all six-figure and billionaire online business owners use email marketing.

10. They are inefficient with their time because they focus on the wrong things.

To make money is the primary goal of running a business. Providing value to your clients is how you accomplish this. Spending time on anything other than this is a sign that your attention is elsewhere. As a result, you’ve amassed a sizable following on social media platforms like Facebook and Twitter. Are those that follow you on social media paying customers? Unless you know the answer to this question, you are wasting your time. The value of time cannot be overstated. Focus your efforts on generating income rather than wasting time.

11. Mistakes in Advertising and Promotion

In terms of financial requirements, prospect reach, and precise conversion ratio forecasts, business owners frequently fall short when it comes to preparing for their company’s marketing demands. Obtaining funding or redirecting funds from other corporate divisions to make up for the shortfall can be problematic when organizations misjudge the entire cost of early marketing initiatives. Because marketing is so important in the early stages of a company’s life, businesses must make sure they have reasonable marketing expenditures in place.

Similarly, the success of a marketing effort hinges on making reasonable forecasts about the size of the target audience and the likelihood of converting those prospects into customers. Companies that fail because they don’t know how to plan and conduct cost-effective, successful marketing initiatives are more likely to fail than those that do.

We’re all human and will make mistakes from time to time. Being aware of them and attempting to make sensible, well-informed business decisions consistently are the most important steps to take. If you’re able to achieve that while still being resilient in the face of setbacks, you’ll be well on your way to success. If you want to build a great startup, don’t do it alone. Surround yourself with subject matter experts and mentors you can learn from. Even though there are several common startup blunders to avoid, remember that mistakes will happen, and set realistic expectations.

Rather than fearing a lack of success, embrace failure as an opportunity to learn and shift your business strategy, if necessary. Try out fresh concepts and solicit user input to improve your product.

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Speaking of closing remarks, many assume this to be the nonsignificant part of the speech, where the speaker simply bids adieu to the audience. But this is in fact one of the most important sections of the entire speech and has the capacity to make or break the entire speech.

How do you close a speech in a way that impacts the audience? What needs to be avoided, and how can one improve the end of their talk to close it with a bang?

Common Errors to Avoid While Closing a Speech

Often, individuals who write speech content focus on the beginning of the task and write out a mind-blowing introduction. They spend time – naturally – on the body, which is the primary content of the speech. But when it comes to the conclusion, it’s like all creativity has dried out. Many end it with a simple Thank You or a rushed summary.

What the listeners hear last leaves an impact on them and usually makes them think about the topic longer. Recalling the speech can eventually make them act on what they heard, which is often the main purpose of speeches.

Let us take a quick look at some common mistakes individuals make during their closing remarks whilst ending their speech.

1. Not summarizing the content of the speech

The speech that one gives must revolve around one central point, or a group of well-defined points or values. The individual giving the speech must be knowledgeable about the meaning of these points and values.

One should give the audience well-built content without them having to guess what the speaker is talking about. The points must be in sync with each other and be in chronological order. The closing remarks of the speech must be a summary of all the main points discussed in the speech.

This must include the important values and themes that were discussed during the speech. The closing remarks must recap everything presented, refreshing the minds of the listening audience. This is crucial, since the audience can’t necessary retain everything they just heard during a 2-hour speech.

What the speech ends with is usually the message that the audience leaves with. The ending must not be too complicated and needs to be worded so that the audience can relate to the content and retain it.

Also, one must not make the closing remarks too long. It shouldn’t be a speech in itself. Using a phrase or quote usually does the trick. If this feels too cliched, making up a quote can give a personal touch.

One should make sure the time spent on presenting the closing remarks of the speech is not a waste of time – for the speaker and for the audience.

2. Using complicated jargon during the closing remarks

One would assume that if they use fancy jargon and complicated terms during their speech, the audience will be impressed. While this may be true when giving a technical or scientific speech about a specific concept or product, jargon often makes the speech boring and challenging to understand.

When a speaker speaks to their audience, they must know what the mental understanding level of the audience is and match their speech up to it. This is especially true while imparting closing remarks to the audience.

Speaking over-complicated words and terms will not only bore the audience but will leave them even more confused and likely less informed about the topic of discussion.

If one is forced to use jargon, one should make sure that it is explained somewhere in the speech and that the audience knows what one is talking about. If one uses acronyms that are not explained, the audience will be left clueless at the end of the entire talk. This, in turn, may ruin the entire value of the speech.

The closing remarks must be clear, cohesive, concise, and complete. If one is prone to making closing remarks lengthy, one can consult a peer or a friend about how the closing remark sounds. Test them to ensure they are suitable.

In the case where the audience is filled with professionals who are well-versed in the field, the content of the speech and the closing remarks can contain technical terms and jargon. But still, one must keep it to a minimum.

3. Ending with a sign-off

A sign-off is a common way of ending a letter and many keynote speakers indulge in this when they impart their closing remarks. Though it might seem professional in rare situations, it is boring and mediocre to the listeners most of the time.

An example of a sign-off could be a simple “Thank You” or “Take Care.” The speech givers often tend to end the speech with “Have a nice day.” This adds no value to the speech and is not an actionable comment either. It doesn’t leave the audience thinking more about the content that was discussed.

For this reason, it is always best to end the speech with a sentence that actually matters. The sentence can also reflect the speech’s entire point in a single sentence. It can also be a quote said by a famous person that the audience can relate to – although one must ensure that it is relevant to the topic, and not selected at random.

A sign-off can also give the audience the impression the speech was interrupted abruptly. If not considered, the flow of the speech could come to a sudden end without a proper closing remark, leaving the audience feeling like they are attending a lecture at a university or college.

It is important to create an impact with the closing remarks with a strong summary. The sign-off can follow this, depending on how formal or informal the event is.

4. Preparation without practice

Though some people are naturally born with the talent of public speaking, others take time and practice to reach the stage where they can confidently give a speech without stuttering, fumbling, and stammering in the middle.

Though one can write out a speech and read it when on the podium, practicing it once before an audience or a closed intimate group is better than going and presenting it in front of thousands of people for the first time. The worst-case scenario is that one prepares a speech without practice and makes a mistake in front of the audience. This is especially the case during closing remarks, which must be presented in full confidence.

Mistakes radiate a negative impression of the speaker. The audience will also lose the connection that they otherwise should have been developing with the speaker throughout the course of the talk.

If an individual is new to the field of public speaking, assuming that they can wing it on the big stage is quite a huge risk that they would be taking. In addition to this, the risk would not be worth it if the individual loses their train of thought on the podium. This can be embarrassing for the speaker in addition to creating an awkward situation for the audience.

The closing remark of the speech is something that cannot be winged. In fact, it has to be practiced quite a few times before it can be performed in the best way possible. The audience should leave pleased and contemplative about what they have heard.

5. Leaving loose ends

A speaker is also human, and mistakes are bound to happen on stage. It may be due to nervousness or just due to them simply forgetting to mention some content of the priorly prepared speech. A well-skilled speaker would know how to correct him or herself in such situations.

For instance, if a speaker promises the audience that they will be providing 10 points and only speaks about 9, the audience will notice, as a majority of them take notes.

Thus, if the speaker realizes their fault while giving the speech or when they are nearing the end of the speech, they can correct themselves and mention it during the closing remarks. They can also cover up their mistake and address the missed points as a portion of their speech.

This tactic would leave the audience in awe of the speaker and save the speaker some embarrassment. This also eliminates any panic situation for the speaker on stage and regrets missing some important points in their content.

Tying up loose ends is an art that one develops in time. If one cannot recollect the missed point, making up a point smoothly in the end and adding it as part of the closing remarks is also a great way to deal with such a scenario.

In addition, being transparent with the audience by apologizing for the missed point/s helps the audience and the speaker connect. This is one of the best ways to present closing remarks.

6. Not focussing on inflection and body language

The speech one has prepared may be of the highest quality and one that the audience would love. However, not adding appropriate body language and inflection in the voice while giving a speech would put the audience to sleep.

Thus, no matter how great the speech is, it’s important to look into the previously mentioned factors, especially when one gives the closing remarks. This will create an impression on the audience.

The type of content, type of audience, how educated the audience is on the topic, are some factors that one must examine throughout the speech as well as while ending it.

Often, speakers and audiences alike have great energy at the beginning of the speech but tend to lose it as the speech extends. It’s better to have a higher amount of energy at the speech’s closing remarks to deliver the best closing remarks possible.

Energy, gestures, a louder voice, and inflections help gain the attention of the audience. One should put in all they’ve got just before one gives the closing remarks, since this will make the audience attentive and active. It will also indicate that something important and exciting is coming up.

To give the best closing remarks to the speech, one must ensure that the closing remarks are not spoken out in a monotone and have some life in them. Only then will the closing remarks reach the hearts and minds of the audience, and the speaker’s real message will also be conveyed to them.

7. Forgetting to add a Call To Action

A Call To Action or a CTA is a marketing term that is also used in the world of communication and public speaking. This term helps gain the audience’s attention by inviting them to take a particular action that will lead to a direct result.

The primary purpose behind public speaking is to instigate an idea and get some action from it. Including this within the speech is extremely important, as this part of the speech will get the audience motivated to implement what they gained from the talk. A CTA transforms a speech into real-life action.

Most experienced public speakers attach this Call To Action to their closing remarks. This helps improve the quality of the speech. The best closing remarks are those that affect and even reshape the audience in a beneficial way.

Furthermore, the Call To Action used here must be strong and come with actionable meaning. It should also be decisive and give the audience a lot to think about.

Being transparent and direct while imparting the Call To Action to the audience is also of the essence, especially if it’s a part of the closing remarks.

To top it all off, the Call To Action must tell the audience precisely what to do, i.e., the very next step after they leave. If the CTA is strong and clear enough, the audience might just end up doing it as soon as one finishes their speech, or even as they are leaving or on their way home.

Examples of Good Closing Remarks

Good closing remarks come in both a formal and informal way. These tend to vary depending on the occasion and situation in which the speech is given.

Impressive final remark examples include phrases such as “It has been an honor to be part of such an esteemed panel” or “I thank you for your precious time.” Formal final remarks would also include a quote, or a phrase related to the topic, or could be motivational in nature.

On the other hand, a good, funny final remark example could be “It’s time to end your excruciating pain as we have finally come to the close of the speech,” or “It has been quite a pleasure to torture you all with all the jargon.”

Apart from this, a suitable closing remark can also be personalized. This means that the speaker can come up with their own quote or witty statement. An example of this could go something like, “Take control of the power, but do not let the power take control of you.”

In the case of a speech being a motivational one, or even a formal one, using quotes by great famous motivational speakers can enhance the quality of the speech and motivate the audience to take action in their life, instead of forgetting what was departed to them over the course of the speech.

But one must always remember to keep the topic or subject of the speech in mind while choosing an appropriate final line in the closing remark.

The Takeaway

Giving a speech to a large audience can be quite overwhelming, mainly if one is not accustomed to delivering speeches. As the speaker approaches their closing remarks, they usually rush ahead to be done with the speech, instead of honing and presenting a tight summary.

Nervousness and lack of practice are common factors that make for poor closing remarks.

For the best closing remarks, one must not miss a conclusion or a summary. The speaker should present and summarise the gist of the principal values and tie up loose ends. A speech is not a script of a movie – the audience has no use for any cliffhangers.

The best closing remarks are confident, concise, and high in energy. A CTA is of utmost importance and must not include complicated jargon. Preparation and practice lead to perfection – one must spend energy on not just the intro and body, but also on the closing remarks.

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However, despite that, the majority of people end up either losing money in the stock market, or never really truly understanding how to benefit from the upward, long-term movement of the stock and share market.

What is the Stock Market?

According to Investopedia, the stock market refers to the collection of markets and exchanges, where regular activities of buying, selling, and issuance of shares of publicly-held companies, takes place. It connects investors who buy and sell stocks (shares representing ownership in a company) in a controlled, secure, and managed environment. 

Are you looking to make an investment in the stock and share market? Here are the nine most common investment mistakes people make, preventing them from ever making money in the stock and share market.

1. Having No Plan

How can you hit a target if you have no idea what you are ultimately aiming for? Investing in the stock market without any type of target or objective, becomes a casual dabble.

Can you imagine going to a travel agent and saying that you want to fly without giving them a destination? Well, that’s exactly how people usually approach the stock and share market, which is why they never learn how to benefit from the long-term upward movement of the stock market.

You need to understand that the stock market is fundamentally a good investment for only some people, and typically if people have a long-term horizon. Meaning that they’re prepared to invest money for over 10 years, they know how to diversify that money, but they also understand that they require a sufficient mix of other assets. So, by investing in the stock market, they’re positioning themselves for future growth of wealth, but they’re also positioning themselves to have more liquidity in their investment portfolio.

2. Not Understanding Stocks

One of the most common investing mistakes that a lot of people make is they don’t understand what stocks and shares really are. A stock is not a piece of paper. You’re actually buying a stake in a company, but many people don’t see it like that. That’s why the level of engagement that investors have with the stock market is extremely low.

Rather than looking at it as a quick money-making machine, you have to understand that you’re essentially using your money to buy a share in a real company that sells products and services.

When people don’t understand stocks, they don’t research the underlying company in which they are investing. This means, they see the act of investing as just putting some money in the stock market somewhere. 

Not understanding that investing in stocks means investing in real companies, results in people’s level of engagement dropping. Which ends up with people making wrong decisions.

3. Attempting to Time the Market

Another fundamental investing mistake that people make is attempting to time the market. That simply means that they’re trying to pick the best time to enter the market, and the best time to exit the market. Many people attempt to get into the markets when they are going up, and they attempt to get out when they are going down.  

It sounds like a smart thing to do, however it is very challenging to implement. Even Fund Managers, professional investment companies who have been doing this for many years, can’t get it right. Therefore, it begs the question if professionals can’t seem to master this, can individual investors really do this consistently and successfully? 

The individual investor who thinks that they’re somehow going to be able to time the entry into and the exit out of the market, immaculately has no idea that this is a very big challenge, because you have to get two decisions right. Decision one is knowing when to enter the market, and decision two is knowing when to exit the market. If you falter on either of these two decisions, you effectively don’t end up making money, but worse, you may end up losing the entire amount of money you initially invested in the stock and share market.

4. Failing to Diversify

Many people who do invest in the stock market are not properly diversified, meaning they are facing high concentration risk. Many times investors may have a collection of shares in companies, but that does not necessarily mean they are diversified. For diversification to happen, one needs to follow the rule of negative correlation in finance. That simply means the companies you’re invested in, should not all act in the same way to events that take place in the industry or the market. 

A person who is properly diversified, will give due consideration to the fact that diversity can only happen when you have a spread of companies across different industries, geographies and across different company sizes, in order to minimize concentration risk.

When people are overly concentrated in the stock market, there is a slight possibility that they may make a killing and do very well. However, there is a higher probability they are going to get killed. If all of your money is invested in one or two or even three companies, meaning your portfolio is not properly diversified, when the markets go down, or when one or two companies go bankrupt, you stand to lose a big proportion of your money (if not all of it!).

5. Panicking During Corrections or Crashes in the Market

Another mistake investors make is that they panic when there is a correction or crash in the market. It is very common for the financial markets to go up and down in the short to medium term. 

That up and down which is also referred to as volatility, can impact people emotionally. Many people don’t understand that stock markets are proven to be very resilient in many countries over the long-term, as long as investors buy good quality businesses and they diversify well. Yes, the markets can be unpredictable in the short to medium term, and it is not uncommon for a correction to happen every 6 -12 months, or for a major crash to happen every 3 -5 years. 

You can also have black swan events, which are completely unexpected events, where the markets can crash quite significantly. Since many people who invest in the stock market don’t understand how markets perform in the long-term, and do not have a long-term horizon, unfortunately they end up panicking and selling at exactly the wrong time.

6. Falling in Love with the Company

This is also a common investment mistake that people make when they invest in the stock market. When you fall in love with a company, you can become very biased towards that company. This means you might not objectively assess the financial performance or the condition of that company, resulting in an emotional decision to invest in the company.

You may either end up being over-concentrated, or neglect the fact that the company share price is inflated. By doing so, you may remain invested even when the company’s prospects are not looking good. This could not only reduce your return on the stock market, but you also miss out on the opportunity cost of investing in other companies.

7. Not Reinvesting the Dividends

When it comes to investing in the stock and share market, many people do not reinvest the dividends. This can be a big mistake for the long-term investor.  According to some studies, most of the compounded returns on the stock market is made through reinvestment of dividends.

The really smart investors go one step further, which means they diversify their portfolio, and when a company produces a good dividend, they don’t always reinvest that dividend back into the same company that produced it. They may take that dividend and reinvest it back into another company. The benefit of doing this is that if you have a portfolio of stocks, and one company has done very well in that portfolio, but the other hasn’t performed well, it typically could make sense to buy more stocks in the company that hasn’t done well, because it’s simply trading at a lower price.

Unfortunately the majority of investors do not reinvest the dividends back, or they end up reinvesting back into the company that produced that dividend, even if the company stock price is expensive. This could be a mistake because it could result in them compromising the return, and had they been smart about their dividend reinvestment strategy, they could have optimised.

8. Speculation

A mistake that is all too common when investing in the stock and share market is speculation. This means that the investor makes very little consideration to the underlying company, and the quality of the company’s assets and management. More attention is given to making predictions in the market and buying purely with the intent to buy low and sell high. More consideration is given to the share price and less consideration is given to the intrinsic value of the company in which the shares are being bought.         

Many traders do this, however it needs to be understood that trading and speculating is not the same as long-term investing. Trading and speculating carries a lot more risk than investing. Speculating is usually done by people who are wanting to make a quick return. Mostly, it does not go well and people end up losing money.

“If you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards.” ― Peter Lynch

9. Buying and Selling Too Often

A common mistake that investors make is they buy and sell too often. This could be a problem because of the cost involved in buying and selling frequently. If your shares have made money and you sell, you pay capital gains tax. 

If you’re constantly buying, you’re paying brokerage fees. If you add the cost of tax and brokerage fees on the frequent turnover of your portfolio, you will find that a good fraction of your return has been eroded by those costs. Buying and selling too frequently is one of the fastest ways to erode stock market returns.

“The stock market is designed to transfer money from the active to the patient.” ― Warren Buffett                       

To become a good investor, you have to first understand why most people fail when it comes to investing in the stock and share market. When you know the problem, you can take measures to ensure that you don’t commit the common investing mistakes that people make, which prevents them from ever making wealth through the stock market.

By understanding and avoiding the reasons why losses typically happen, you can set yourself up to make gains in the stock and share market.

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