Explain Why Small Businesses Often Fail and What Can Be

question 51

Essay

Explain why small businesses often fail and what can be done to help avert failure.
Difficulty Level: Moderate
Section Reference: Entrepreneurship and Small Business

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Definitions:

Explicit Knowledge

Knowledge that is well documented, easily articulated, and shared, including facts, procedures, and information that can be easily communicated to others.

Experiential Intelligence

The ability to apply past experiences and knowledge to solve new and novel problems.

Contextual Intelligence

The ability to understand the limits of our knowledge and adapt that knowledge to an unfamiliar context.

Componential Intelligence

An aspect of intelligence theory that emphasizes analytical skills, including problem-solving, logical reasoning, and the ability to manipulate abstract ideas.