Stating That the Failure of a Small Business Was Due

question 37

Multiple Choice

Stating that the failure of a small business was due to "lack of experience" implies:

• A) not having expertise in the essentials of business operations, including finance, purchasing, selling, and production.
• B) not taking the time to craft a vision and mission, nor to formulate and properly implement a strategy.
• C) not keeping track of the numbers, and failure to control business finances and use existing monies to best advantage.
• D) not taking the time to consolidate a position, fine-tune the organization, and systematically meet the challenges of growth.
• E) not having sufficient know-how to run a business in the chosen market or geographical area.

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Definitions:

Unstructured Problem

A type of problem that lacks clear definition or a straightforward solution path, often requiring creative approaches for resolution.

Risk Environment

The surrounding conditions in which a business or organization operates that could potentially cause loss or harm.

Programmed Decision

A decision-making process that follows established procedures or rules for routine situations.

Customer Complaints

Expressions of dissatisfaction or concerns from customers regarding a company's products or services.