Business failure; competitive growth strategy; success; products; human resource; unlimited resources; situational leadership; management acuity
The objective of this review paper is to identify reasons less obvious that constitutes business failures. It looks at the causes, limitations and possible solutions to business malfunction. The views are strengthened by comments made by learned scholars on the issue of establishing, growing and maintaining a successful business. Despite having what seems to be â€˜unlimitedâ€™ resources, businesses do fail; despite new inventions, businesses do fail; despite being innovative, businesses do fail; despite having a series of successful (profitable) years, branded quality products and a massive market share, businesses do fail. A recession will cause many businesses to fail. So why do businesses fail? Could the answer could be because businesses are like human beings â€“ they are born, nurtured while they grow but after maturity all sorts of problems starts to show. Some businesses tend to adopt the notion that they know it all and start to experiment; others may become complacent and begin to â€˜take their eye off the ballâ€™. This flirting with danger can lead to great success or total failure. This article looks at the common reasons for business failures and encapsulates how to spot the tell-tale signs of collapse and what actions to take to avoid the varied pitfalls
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