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They are: Innovation failur, failure to create value, failure to persist over time, failure to maintain economic scarcity, failure to prevent the appropriation of created value, and failure to maintain flexibility in the face of uncertainty and ambiguity. This list points to six key questions that must be asked about each venture: Is it Innovative? Is it Valuable? Is it persistent over time? is it scarce? is it non-appropriable? is it flexible?

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Even when he reached over a million dollars in his online business, he still stuck to the same business strategy! This is how important creating a business plan is, please don’t take this lightly. In order to succeed in your life or business one of the most essential qualities is Passion. You must have at sometime wondered why some people are successful and others are not. The difference is the passion with which they lead their life.

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Finally, you should highlight anything in the book that you do not understand. Do not just skim over it and decide that it is not important because you do not understand it. This may indicate that it is one of the most important parts of the book, one of the things that you really need to learn more than everything else. If you highlight these portions, you can then look them up later to find out more about them. A little bit of research on the Internet can help you to better grasp what the book is telling you.

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