Foundations of Business (MindTap Course List)
6th Edition
ISBN: 9781337386920
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
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Question
Chapter 5, Problem 1DQ
Summary Introduction
To determine: The steps to take in order to protect from business failure.
Introduction: A small business administration is an autonomous organization of the United States government that secures the interests of independent or small business ventures and guarantees that they get a decent amount of government contracts.
Expert Solution & Answer
Explanation of Solution
The steps to take in order to protect from business failure are as follows:
- Comprise adequate capital not simply to begin the business but rather to prop it up amid the constructing period.
- Get recommendations on administration abilities from experienced individuals in business.
- Wait to extend until the point that they have adequate capital and experience.
- Get guidance on stock control and credit granting practices.
- Examine the correct area for the business.
The proprietors of small business are regularly excessively impetuous and enthusiastic, making it impossible to begin. They proceed without giving careful consideration to arranging.
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Describe some of the reasons why entrepreneurs and small businesses fail?
Chapter 5 Solutions
Foundations of Business (MindTap Course List)
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