Question: DEVELOPING CRITICAL-THINKING SKILLS
Small businesses play a vital role in our economy. They not only contribute to technological innovation and to the creation of many new jobs, but they also ensure that customers have an alternative to the products and services offered by large firms. In addition, by making parts for large firms at a lower cost than the large firms could make the parts themselves, they help to keep the lid on consumer prices. Regardless of our need for them, many small businesses fail within their first five years. Why is this so?
Assignment: 1. Identify several successful small businesses in your community.
2. Identify one small business that has failed.
3. Gather enough information about those businesses to answer the following questions:
a. What role do small businesses play in your community?
b. Why are they important?
c. Why did the business fail?
d. What was the most important reason for its failure?
e. How might the business have survived?
4. Summarize what you have learned about the impact of small businesses on your community. Give the summary to your instructor.