Answer to Question #218986 in English for Khethiwe

Question

Do you agree with the assertion that businesses fail for number of reasons?
Substantiate on your answer by discussing the following :
1.1 incompetent management
1.2 lack of experience

Answer 1

Yes.

1.1 The business may fail if the owner does not have adequate management abilities. While the owner may have the abilities to develop and market a profitable product or service, they frequently lack the qualities of a good manager and lack the time to effectively manage others. A business owner with no dedicated management staff is more likely to mismanage some parts of the firm, such as finances, hiring, or marketing.

1.2 The business may fail if the owner has no experience in the field in which he or she is specializing. One of the leading causes of business failure is a lack of experience. If you are inexperienced, or if your management team is made up of inexperienced people, your company is doomed. When launching a new business, it is recommended that you choose personnel who have prior experience in that sector. They could be your business partners or employees. Get in touch with seasoned marketers and well-trained customer support representatives.