1) What is your essential question, and what are your answers? What is your best answer and why?
- What is the primary reason so many businesses fail? Among the many answers I've come across the prime 3 are as follows.
- Failure to adapt to changing times.
- Competition.
- Not understanding consumer base.
- Of the three my best answer is the first.
(2) What process did you take to arrive at this answer?
- My interviews with my Mentor Justin Khoury helped provide insight on a real world business that failed because they didn't adapt. On top of that Forbes magazine and many other business websites authored by entrepreneurs explained how renowned businesses failed due to their lack of evolution, such as Blockbuster.
(3) What problems did you face? How did you resolve them?
- My only problem was trying to narrow down all my answers since I had so many of them. I fixed this issue by looking at real world examples of each of my answers and assessing which ones occurred the most.
(4) What are the two most significant sources you used to answer your essential question and why?
- http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/#1ea0ac8b5e3c
- https://www.entrepreneur.com/article/83764
- These sources were the most significant because they offered the most versatile information. They didn't just give me one answer, they gave me 20. It was a lot of information to work with and gave me options.
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