Small Business - Why Businesses Fail

According to the Small Business Administration, what percentage of business startups fail within their first year?

• 5%

• 10%

• 20%

• 30%

Which of the following is NOT listed as a common mistake leading to business failure?

• Lack of market

• Poor management

• Over-investment in technology

• Wrong location

What is a critical factor in the success of businesses as mentioned in the document?

• The color scheme of the storefront

• Location of the storefront

• The number of employees

• The brand name

What can the absence of a website or deficient social media presence lead to for a business?

• Increased sales

• Lack of business

• Better customer service

• More investment opportunities

What is the consequence for businesses that do not evolve with modern trends, according to the document?

• They will have a surplus of products

• They will receive government subsidies

• They will eventually fail

• They will become market leaders

Which company is mentioned in the document as an example of a large retailer that filed for bankruptcy after failing to innovate?

• Netflix®

• Blockbuster® LLC

• Microsoft®

• Traf-O-Data

What was the outcome of Bill Gates' first business venture, Traf-O-Data?