Problem:
You have decided to start a new business. You will begin a partnership with one other business associate that you trust and have known for several years. You plan to hire 3 managers and another 21 employees.
discuss a plan of action that you and your partner would personally implement to avoid the 4 main failure mechanisms of small business:
-managerial incompetence or inexperience
-neglect
-weak control systems
-insufficient capital
Identify what steps you and your partner will take to address each of the four failure mechanisms. You may be creative in your responses and you may use actual personal insight from previous business experiences if you wish; however, you must include 2 external internet sources on business management techniques and business success.