My friend started a coffee shop business two years back after observing a huge boom of coffee shops in the town. He assumed that everybody was making huge profit out of the business.
Without even as much as a market research, he invested in the business with close to 200k, including renovation of the shoplot. After 6 months, he had to admit defeat and closed down his business. Lucky for him he did not dragged on stubbornly or else he could have lost more than 100k. In a way, he was fortunate as he managed to find a buyer for his business and only lost about 60k overall. Lesson learned here : Don't jump into a big venture without studying the market.
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