Factors Which Causes Small Businesses to Fail and Possible Solutions on How to Reduce Failure. Essay Example
STATEMENT OF THE PROBLEM
Factors which causes small businesses to fail and possible solutions on how to reduce failure.
This research was conducted in order to understand fully why Huntley’s Farm failed.
INTRODUCTION
Business dictionary.com defines small business as Designation for firms of a certain size which falls below certain criteria (that varies from country to country) in terms of annual turnover, number of employees, total value of assets, etc. Starting a business is an inherently risky undertaking. One can minimize the risks - and their potential financial losses - by starting small and planning carefully. Although starting small and planning carefully does not guarantee success of a business, its absence usually assures problems.
In this research you will see the different factors that cause small businesses to fail and hat possible solutions that could counter these factors. You will discover new methods by which a business can become successful.
According to the Small Business Association of Jamaica, a small business is regarded as one with an annual turnover of between US$100,000 and US$5,000,000 and a staff of 1 – 50 employees.
PURPOSE OF THE STUDY
The purpose of this study is to identify and discuss factors that cause a particular small business to fail. The goal of this research is to also give recommendations to this business that will make it a success in the near future.
RESEARCH QUESTIONS
1. Why did you start this business?
2. Did you do a thorough research of the location and the market before venturing into this business?
3. Is the plan for your business a long-term or short-term plan?
4. Have you ever thought about producing more than one product?
CHAPTER TWO
THE THEORETICAL FRAMEWORK
THE REVIEW OF LITERATURE
According to the Small Business Association of Jamaica, a small business is regarded as one with an annual turnover of between US$100,000 and US$5,000,000 and a staff of 1 – 50 employees.These businesses are
Factors which causes small businesses to fail and possible solutions on how to reduce failure.
This research was conducted in order to understand fully why Huntley’s Farm failed.
INTRODUCTION
Business dictionary.com defines small business as Designation for firms of a certain size which falls below certain criteria (that varies from country to country) in terms of annual turnover, number of employees, total value of assets, etc. Starting a business is an inherently risky undertaking. One can minimize the risks - and their potential financial losses - by starting small and planning carefully. Although starting small and planning carefully does not guarantee success of a business, its absence usually assures problems.
In this research you will see the different factors that cause small businesses to fail and hat possible solutions that could counter these factors. You will discover new methods by which a business can become successful.
According to the Small Business Association of Jamaica, a small business is regarded as one with an annual turnover of between US$100,000 and US$5,000,000 and a staff of 1 – 50 employees.
PURPOSE OF THE STUDY
The purpose of this study is to identify and discuss factors that cause a particular small business to fail. The goal of this research is to also give recommendations to this business that will make it a success in the near future.
RESEARCH QUESTIONS
1. Why did you start this business?
2. Did you do a thorough research of the location and the market before venturing into this business?
3. Is the plan for your business a long-term or short-term plan?
4. Have you ever thought about producing more than one product?
CHAPTER TWO
THE THEORETICAL FRAMEWORK
THE REVIEW OF LITERATURE
According to the Small Business Association of Jamaica, a small business is regarded as one with an annual turnover of between US$100,000 and US$5,000,000 and a staff of 1 – 50 employees.These businesses are