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Essay / Research Paper Abstract
This 4-page paper describes issues that cause a small business to fail. Topics discussed include lack of financing and poor management. Bibliography lists 4 sources.
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4 pages (~225 words per page)
File: D0_MTsmbufa.rtf
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Unformatted sample text from the term paper:
during the first year) than are large businesses. Yet what are some of the typical problems and issues that confront an owner of such a business? Well examine some of
these issues in this paper. Most entrepreneurs know that it isnt easy to launch a business - but most, in their optimism, dont realize how many end up failing.
First, its interesting to note the statistics for failures of smaller businesses. For one thing, more than 20 percent of new ventures fail
within their first year, with a whopping 66 percent failing within six years (Timmons, 1994). Its interesting to note that more businesses fail the longer theyve been around - in
fact, an inability to grow beyond start-up is one issue that many entrepreneurs must face. One issue facing these small business owners
is the "new kid on the block" concept - in other words, the liability of newness and the liability of smallness (Zacharakis et al, 1999; see also Aldrich and Auster,
1986). In short, such businesses are regarded with skepticism because they are so new - and because its hard for customers to believe that something so small could be so
successful. The entrepreneur must use all of his or her enthusiasm to convince the customer that the business is worthwhile, and this can lead to burnout, which can lead to
a failed business. Another issue confronting the business owner is that of management aptitude (Zacharakis et al, 1999; see also Meyer and
Dean, 1990). Entrepreneurs make lousy long-term managers. While entrepreneurs make great start-up business owners, its been found that if these entrepreneurs arent replaced with professional managers, their businesses are more
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