John, James, and Frank Wanted to Open J₂F Sports Bar

question 128

Multiple Choice

John, James, and Frank wanted to open J₂F Sports Bar that offers unique brands of beer, weekend entertainment, and a limited menu. In one of the preliminary meetings, James presented a list of reasons that small businesses fail. Although many of the ideas on this list were applicable to many types of business, one challenge pertained specifically to the restaurant and bar business. The challenge he referred to was:

• A) underestimating how much time it will take to build a market.
• B) borrowing money without planning just how and when to pay it back.
• C) carrying habits of personal extravagance into the business.
• D) some of the easiest businesses to start have the least growth prospects and greatest failure rates.

---

Definitions:

Social Security

A government program designed to provide financial assistance and support to people with insufficient or no income, especially the elderly, disabled, and unemployed.

Retirement Finances

Financial planning and management concerning the period of life when one is no longer working, focusing on income sources, savings, and investment strategies.

Collectivism

A cultural system that values the needs of the group more than those of the individual self.

Socialist Countries

Nations where the government exercises significant control over the economy, often including ownership and management of production means, and prioritizes social equity.