Description
When starting a business many people follow similar processes yet some businesses fail and some are winners. Why is this?
What are five most common factors that affect success and failure and explain them?
Of these 5 which is the most crucial and why?
APA formatting required.
Paper length 2 pages
Explanation & Answer
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Running head: FACTORS THAT AFFECT THE SUCCESS AND FAILURE OF A BUSINESS
Five Most Common Factors That Affect the Success and Failure of a Business
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FACTORS THAT AFFECT THE SUCCESS AND FAILURE OF A BUSINESS
Five Most Common Factors That Affect the Success and Failure of a Business
Most of the businesses, approximately 90%, fail in their first few years after their
establishment (Kotsch, 2019). However, success is determined by how the entrepreneurs
maneuvers through the otherwise tricky mesh of internal and external business environment. So
much is the advice from various scholars and practicing entrepreneurs on how to propel business
success and shun failure, but all converge at the following five factors discussed below:
The personality of the entrepreneur dictates the destiny of a business. The founder should
be decisive, interact with employees in interpreting the business trajectory to them, and negotiate
with other firms. The decisive trait is critically expressed in the daily challengin...