Three Major Reasons A Business Fails
Running head: THREE MAJOR REASONS A BUSINESS FAILS 1
Three Major Reasons A Business Fails Antoinette Brown
Metropolitan College of New York
2
Three Major Reasons A Business Fails
Abstract
Starting a business can be gratifying and inspiring. Being your own boss, you are the one making all the decisions. Entrepreneurship involves risk but the rewards are worth the risk when you are doing something you love and are making a living. I come from a family of entrepreneurs (Dad and Sisters) and they have great businesses with sound business plans but watching these businesses start and grow I have firsthand knowledge of what it takes to own and operate your own business. To become a successful entrepreneur entails great leadership, comprehensive planning, business and marketing plans, imagination, a great amount of financing, and an enormous amount of hard work. Undoubtedly, there are many explanations for business failures; here are some of the most common reasons I think would clarify them. These things go hand and hand to operate any business. 1. Lack of Business and Marketing Plans 2. Lack of Management and Leadership 3. Lack of or Poor Financial and Capital Planning
Every business should have a backup plan.
Three Major Reasons a Business Fails 3
Three Major Reasons A Business Fails
In your opinion what are the three major reasons a business fails? It is no secret having comprehensive Business and Marketing Plans are essential to the success of any business. However, to my surprise so many businesses do not have either. In my opinion, it is imperative to have a strategy and employ a variety of experts to help you reach those goals. Nevertheless, you have to have a general understanding about the business you are trying to launch. Your business plan should always include options that allow for modifications within the business, flexibility, and properly
Three Major Reasons A Business Fails Antoinette Brown
Metropolitan College of New York
2
Three Major Reasons A Business Fails
Abstract
Starting a business can be gratifying and inspiring. Being your own boss, you are the one making all the decisions. Entrepreneurship involves risk but the rewards are worth the risk when you are doing something you love and are making a living. I come from a family of entrepreneurs (Dad and Sisters) and they have great businesses with sound business plans but watching these businesses start and grow I have firsthand knowledge of what it takes to own and operate your own business. To become a successful entrepreneur entails great leadership, comprehensive planning, business and marketing plans, imagination, a great amount of financing, and an enormous amount of hard work. Undoubtedly, there are many explanations for business failures; here are some of the most common reasons I think would clarify them. These things go hand and hand to operate any business. 1. Lack of Business and Marketing Plans 2. Lack of Management and Leadership 3. Lack of or Poor Financial and Capital Planning
Every business should have a backup plan.
Three Major Reasons a Business Fails 3
Three Major Reasons A Business Fails
In your opinion what are the three major reasons a business fails? It is no secret having comprehensive Business and Marketing Plans are essential to the success of any business. However, to my surprise so many businesses do not have either. In my opinion, it is imperative to have a strategy and employ a variety of experts to help you reach those goals. Nevertheless, you have to have a general understanding about the business you are trying to launch. Your business plan should always include options that allow for modifications within the business, flexibility, and properly
References: Garrett, M. (2013, June 28). Why your business could be failing even if you hit your numbers. Retrieved from http://www.entrepreneur.com/article/227232 Gazaway, T. (2013, MAY 23). The top 3 reasons why businesses fail. Retrieved from http://credithistory.dnb.com/showcase/the-top-3-reasons-why-businesses-fail/ Walker, J. (2008). Harlem’s LEAAF Project. Retrieved from http://www.leaaf.org/projects.html Walker, N. (2012). Kennedi Price Natural Bebe. Retrieved from http://kennediprice.tumblr.com/