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Why do businesses fail?
There are many reasons businesses fail, but some of the most common include a lack of capital, poor management, and not enough customers.
Another reason businesses can fail is if they’re not able to adapt to changing market conditions. For example, if there’s a new technology that emerges, that renders their product or service obsolete, or if there’s a recession and people have less money to spend, then they may not be able to stay in business.
Lastly, another reason businesses can fail is if they’re not able to create a sustainable competitive advantage. In other words, if they’re not able to differentiate themselves from their competitors in a way that people want to buy from them instead of from someone else.
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