ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Failure to apply for a loan or a grant
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Failure to pay taxes for the new business
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Failure to secure proper permits and licenses
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Failure to pay the employees
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Detailed explanation-1: -The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.
Detailed explanation-2: -Quite simply, it’s a people problem. Ineffective management usually stems from a lack of relevant knowledge, underdeveloped skills, and/or an unwillingness to make necessary adjustments to personal behaviour and/or business processes. It is, without a doubt, the biggest threat to business performance and success.
Detailed explanation-3: -Percentage of businesses that fail in the U.S. The business failure rate in the U.S. within the first year is nearly 20%-18.4%, to be exact-according to a LendingTree analysis of BLS data.
Detailed explanation-4: -Lack of research. Not having a business plan. Not having the business funding they need. Financial mismanagement. Poor marketing. Not keeping abreast of customer needs or the competition. Failing to adapt. Growing too quickly. More items •06-Jul-2021