Three reasons businesses fail
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From the scenarios, discuss two (2) business challenges you identified from Chris and Erica's weekly scenarios, and suggest how you would effectively address these issues.
- Discuss three (3) reasons why some businesses fail, and suggest how business owners should address these issues in order to avoid pitfalls.
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A review of three reasons why businesses fail.
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I do not know anything about the scenarios, but I can give you three reasons why some businesses fail.
1. The do not have a good plan.
2. They do not scan the environment.
3. They do not promote their core competency effectively.
Every business needs a good, solid business plan. However, the plan a business starts with is not the plan they should be working from after the first year. A plan must be updated with the new goals and objectives. It should note what worked and what did not in the past as a template to create the future. A SWOT type analysis is very important to do on a regular basis and leads into the second reason a business often fails. A plan with a clear direction, a budget that reflects what a company has and expects, can help guide decisions, especially those decisions that are necessary when something has not occurred. For example, Todd, Inc has created a business plan to open. After a year of ...
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