Blog 18 Answer 2

1.  What is your EQ?

• What is the primary reason so many businesses fail? 

2.  What is your first answer? (In complete thesis statement format)

• Businesses fail due todue not adapting to changing times.

3.  What is your second answer? (In complete thesis statement format)

• Competition can be deadly for businesses, constantly there is someone else trying to put you out of business. Business is all about competing for customers, this can be done through superior products, customer service, marketing, ect.  

4.  List three reasons your answer is true with a real-world application for each.

• You must adapt to beat the competition. Hummer went out of business because it could not adapt to meet consumer needs. in a time where other competitors were averaging 20 mpg Hummer was averaging 10. 
• When you are trying to get a loan to launch your company almost all banks want to see your business plan, so this is the first thing anyone should do when starting a new business endeavor.
• Lack of planning can hurt in many other ways as well, another example is not having enough products to meet the possible demand you may encounter. Thinking everything through beforehand is a must, as well as knowing what you need to start off successfully. 

5.  What printed source best supports your answer?

• http://www.forbes.com/forbes/welcome/

6.  What other source supports your answer?

• http://www.businessknowhow.com/startup/business-failure.htm

7.  Tie this together with a concluding thought.

• Without an organized plan in place to conduct a business one such function cannot survive. With so many factors and complications being presented to bring down a business one must learn to adapt and rival its competition.