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The question is why or how do these business ventures fail and what are the steps to take that prevent such downfalls? Many research studies take place to develop a list of tactics that can help business owners and/or investors become more successful in their investments and lower the risk of failure. Research shows that the top three major factors that greatly influence the success of a project are "user involvement, executive management support and clear statement of requirements. (Outsource2India, 2006)" A clear statement of requirements is usually quite difficult to maintain due to idea changes etc that can often cause problems to arise...
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