1. Which of the following best describes lack of strategy and strategic leadership?
A. Not taking the time to craft a vision and mission, nor to formulate and properly implement a plan.
B. Not having enough funding to maintain operations while still building the business and gaining access to customers and markets.
C. Not having sufficient know-how to run a business in the chosen market or geographical area.
D. Falling prey to the temptations of fraud, deception, and embezzlement.
E. Not having expertise in the essentials of business operations, including finance, purchasing, selling, and production.
2. Sheila has been successfully running a salon for over a year. She decided to use her profits and expand her business by selling her homemade organic hair care products. This involved misc. costs that exhausted her funds, and she had to file for bankruptcy. Which of the following is most likely the main reason for Sheila's failure?
A. Lack of commitment
B. Poor financial control
C. Ethical failure
D. Late entry into the business
E. Lack of motivation