List and discuss at least three causes of small business failure.
There are different reasons of small business failure. Three of them are discusses in the following (Kamo, 2016).
- Small businesses may fail due to leadership failure. If the leadership is unable to keep their nerves and make sensible decisions, there is a probability that the business may not flourish.
- Lack of uniqueness may also be an issue that could cause a small business to fail. For example if a small business is trying to copy the same product or service that is produce by others in the market, it could adversely affect the success of the small business.
- If a small business fails to respond to the needs of the customers, it would not go in favor of its success.