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Essay / Research Paper Abstract
An 18 page paper discussing reasons that otherwise sound small businesses do not succeed. There is disagreement over what percentages of new businesses fail in the first five years-estimates range between 40 and 80 percent. Even at the low range, the failure rate is high, and evaluation of failures shows common traits that have led to those failures. Failure has far less to do with market conditions or the capabilities of the entrepreneur than it does with inadequate planning and forecasting. Small business 'experts' as well as the SBA stress that planning and forecasting should be done before the doors open for the first day of business so that the entrepreneur knows what to expect and when to expect it, as well as plan for its arrival. Adequate planning cannot prevent business failure, but it certainly can prevent the failure of businesses that otherwise deserve to succeed. Bibliography lists 11ources.
Page Count:
18 pages (~225 words per page)
File: CC6_KSbizbust.doc
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Unformatted sample text from the term paper:
sets out to begin a business only to lose it. There is disagreement over what percentages of new businesses fail in the first five years-estimates range between 40 and
80 percent. Even at the low range, the failure rate is high, and evaluation of failures shows common traits that have led to those failures. Failure has far
less to do with market conditions or the capabilities of the entrepreneur than it does with inadequate planning and forecasting. Why Small
Businesses Fail The US Small Business Administration maintains a list of he most common reasons for small business failure, and the most common
by far is lack of a proper business plan. The designation in no way implies that active practice is less important than having plans and goals on paper, but
that the planning and thought required in putting together a proper business plan lie in those specific areas where lack of planning can mean the death of any business.
Some of the most common "stumbling blocks" are listed below, including points of both planning and practice. In todays increasingly competitive business climate, the additional quality of failing to
establish and maintain a sound strategy also could be added (Anonymous, 1999). Fewer numbers of businesses even attempt to survive and flourish completely on their own. *
Insufficient Planning * Inadequate Funding * Bookkeeping Records Not Maintained * No Sales Forecast or Expense Projections * Budgeting Not Used * Slow Collections of
Receivables * Too Busy To Manage * Lack of Management Skills * Lack of Knowledge of Legal Requirements * Failure to Pay Employee Withholding Taxes
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