Top Reasons for Business Failure Complete Questions And Answers Guaranteed Success.
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Course
FALI
Institution
FALI
Top 15 Reasons for Business Failure - correct answer Lack of Direction, Impatience, Greed, Hasty Decision Making, Poor Cost Control, Poor Product Quality, Insufficient Working Capital, Bad or Nonexistent Budgeting, Inadequate Financial Records, Loss of Momentum ...
Top 15 Reasons for Business Failure - correct answer Lack of Direction, Impatience,
Greed, Hasty Decision Making, Poor Cost Control, Poor Product Quality, Insufficient Working Capital, Bad
or Nonexistent Budgeting, Inadequate Financial Records, Loss of Momentum in Sales, Failure to
Anticipate Market Trends, Lack of Managerial Ability or Experience, Indecisiveness, Bad Human
Relations, and Diffusion of Effort
Lack of Direction - correct answer Business owners often fail to establish clear goals
and create plans to achieve these goals, especially before starting out, when they fail to develop a
complete business plan before launching their company.
Impatience - correct answer This occurs when business owners try to accomplish
too much too soon, or expect to get results far faster than is truly possible. A good rule to remember is
that everything costs twice as much and takes three times as long as expected.
Greed - correct answer When entrepreneurs try to charge too much to make a lot
of money in a short period of time, failure isn't far behind.
Hasty Decision Making - correct answer An entrepreneur acts impetuously and
makes costly mistakes that eventually cause the business to fail.
Poor Cost Control - correct answer An entrepreneur spends too much, especially in
the early stages, and spends all their startup capital money before achieving profitability.
Poor Product Quality - correct answer This makes it difficult to sell and difficult to
get repeat business.
Insufficient Working Capital - correct answer An entrepreneur expects, and
requires, immediate, positive cash flow that doesn't occur, leading to the failure of the business.
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