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Jill had to close a cupcake bakery that she had established close to home.Her total investment was just under $7,000,representing all her personal savings.She attributes her failure to a poor business model.She had assumed that customers would come from wealthy residential areas when,in fact,customers seemed to be employees of large corporations who bought the cupcakes for office celebrations.In spite of her losses,Jill is hoping to start another cupcake bakery.Explain why this might be so.

On Feb 18, 2024


The experience of failure has heightened Jill's learning experience.She has identified the cause of failure and can correct the error by locating near a business district in the future.In addition,she can transfer all her business experience to the next business,making success more probable.