Business Failure This research investigated t

This research investigated the reasons for business failure. The research consisted of three parts. The first part of the research was a review of literature relevant to business failure. The purpose of the literature review was to establish the consensus of business analysts and observers on the reasons for business failure. The second part of the research involved the administration of a survey instrument to six small business owners. The survey instrument elicited information concerning the establishment and performance of the businesses. The purpose of the survey of business owners was to develop the information necessary to compare the characteristics of small, going concern businesses with the consensus reasons for business failure established through the literature review. The third part of the research was a comparison of the establishment and performance characteristics of the small businesses surveyed with the consensus reasons for business failure established through the literature review. The purpose of this comparison was to determine how knowledgeable, prepared, and vulnerable small business owners are with respect to the potential for business failure.

The literature review identified seven major factors which appear to be the underlying causes of most business failures in the United States. These seven factors are (1) excessive debt, (2) location of the business, (3) over expansion, (4) marketing practices, (

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is often possible to identify a single issue or set of issues which underlie to phenomena group. The third stage of the process is the application of abstraction to problem groups. Abstraction leads to a narrowing of the issues involved. Once the focus of the critical issues confronting the firm have been narrowed, the next stage of analysisthe determination of the solution approachmay proceed. This stage is followed, in succession, by (a) the provisional formulation of hypothetical solutions, (b) the acceptance or rejection of the hypothetical solutions based on indepth analysis, (c) the forming of conclusions as to the appropriate solutions, and (d) the development of concrete forms for the conclusions. It is only at this stage of the business planning process that action plans are drafted. Poor and inadequate business planning have been cited as underlying causes of the failure of businesses large and small (Rapoport, 1989; Brown, 1989; Keefe, 1987). Unsound Business Concept Business failure is often the result of an unsound business concept (Weiner and Bultman, 1988). The business concept may be unsound at the inception of an enterprise, or it may become unsound as a result of changing conditions (Robertson, 1

Category: Business - B