Photo AI
A large number of small businesses fail within the first two years - Edexcel - GCSE Business - Question 16 - 2016 - Paper 1
Question 16
A large number of small businesses fail within the first two years. Identify one reason why so many small businesses fail in the first two years. Select one answer.... show full transcript
Worked Solution & Example Answer:A large number of small businesses fail within the first two years - Edexcel - GCSE Business - Question 16 - 2016 - Paper 1
Step 1
Identify one reason why so many small businesses fail in the first two years.
Answer
One significant reason many small businesses fail in the first two years is that they are often 'Product not customer orientated'. Businesses that do not prioritize customer needs may struggle to attract and retain customers, leading to insufficient revenue and ultimately failure.