Question

Why do some businesses succeed while others fail? Identify three factors that you believe to be the most critical to business success. Why did you select these factors? Identify three factors that you believe to be primarily responsible for business failures, and indicate why you selected these factors.

Please give new answer do not plagarize

Answer 1

Businesses struggle due to a lack of short-term and long-term preparation. Your roadmap will include where the company will be in the coming months over the next few years. Have tangible goals and outcomes. The correct strategy should include detailed lists of tasks with dates and deadlines. Failure to prepare is going to harm your business.
Businesses are struggling because of weak leadership. The leadership needs to be able to make the right choices much of the time. From financial management to employee management , leadership deficiencies will fall to every area of your company. The most successful entrepreneurs read, research and engage mentors to develop their leadership skills.

Scaling is a positive idea if it's done at the right time. Simply put, if you scale your business prematurely, you 're going to kill it. For example, you could recruit too many people too fast, or you could spend too much on marketing. Don't scale your business until you're ready for it. Bad position is a drawback that may be too difficult to overcome. When your company depends on foot traffic, your position is a strategic necessity. Bad position could make your consumer acquisition costs too high. Too little inventory is going to damage the profits. So much inventory is going to affect your productivity.

Entrepreneurs can not regulate the macro-economic factors. Popular macroeconomic factors include global cycles, recessions, conflicts , natural disasters, government debt, inflation, and market cycles. Your company will always prosper in a tough time. Your core values are the core principles that guide your company. They are the guiding principles that will stay constant. Your core values will stay the same even as the business expands. Core principles can also act as a moral compass. Some of the most common core values are honesty, confidence, competence, loyalty, accountability and teamwork.