REASONSHOW TO AVOID (List ways to avoid)BUSINESSESFAILUREMistaking ABusiness for aHobbyAsking Friends &Relatives for AdviceAsking Friends &Relatives for MoneyMismanaging MoneyPoor MarketingNo Business PlanNo Understandingof PricingInability toManage GrowthInability to Plan forTransitional PeriodsLack of CommitmentFailure to Set andRevise GoalsInability to Developand MonitorFinancialStatementsInability to BalanceBusiness & FamilyUnderestimation ofthe TimeRequirements

Business failure refers to a scenario whereby the business operations are ceased on a permanent…

Answered: REASONS OW TO DID (List ways to avoid)…

REASONS OW TO DID (List ways to avoid) BUSINESSES FAILURE Mistaking A Business for a Hobby Asking Friends & Relatives for Advice Asking Friends & Relatives for Money

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

REASONS
HOW TO AVOID (List ways to avoid)
BUSINESSES
FAILURE
Mistaking A
Business for a
Hobby
Asking Friends &
Relatives for Advice
Asking Friends &
Relatives for Money
Mismanaging Money
Poor Marketing
No Business Plan
No Understanding
of Pricing
Inability to
Manage Growth
Inability to Plan for
Transitional Periods
Lack of Commitment
Failure to Set and
Revise Goals
Inability to Develop
and Monitor
Financial
Statements
Inability to Balance
Business & Family
Underestimation of
the Time
Requirements

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