What are the repeated areas that create problems for small business owners and entrepreneurs?
What will be an ideal response?
These areas include inadequate financing, inadequate management, and burdensome government regulations and paperwork.
Inadequate financing: Without adequate funds, a small business owner is unable to acquire and maintain facilities, hire and reward capable employees, produce and market a product, or do the other things necessary to run a successful business.
Inadequate management: It is the second problem facing small firms and appears in the forms of limited business knowledge, poor management, inadequate planning, and inexperience. Many owners tend to rely on one-person management and seem reluctant to vary from this managerial pattern.
Burdensome government regulations and paperwork: Now, small firms are subject to many of the same regulations as their larger competitors. These regulations are often complex and contradictory, which explains why small business managers find it so difficult to comply with governmental requirements.
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What will be an ideal response?
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