You will write an extensive research paper on an entrepreneurship failure. As you may be aware, 80% of all small businesses fail within the first five years (50% in the first year). Your research paper must answer the following question:Why does this failure happen, and how can it be avoided? You will need to research a small business or use your entrepreneur that you interviewed to learn about failure. The paper will have three sections.
Failure Introduction: Your first 2 pages should be a background of the failed business. What was the business? Who were their competitors? What was their mission or business vision? When did the business start and then fail?
Reason for Failure: This section (2 pages) requires your insights and will be a large part of your grade. You must describe why the business failed. There are many reasons small companies fail, and you should do some basic research (hint – some scholarly research is required here) to determine the common causes and then compare this research to your company.
Your Analysis: The last section (2 pages) should be what could have been done, in your opinion and based on the knowledge you received in class (another hint – more scholarly research could be used here), to avert the failure. Could the entrepreneur have planned better? Was the idea sound but the implementation poor? Simply put, as the observer after the fact, how could this business have survived?
It is important: Do not write 5 pages on the company and save the last page for the reason and analysis. Please use the guidelines above to ensure that you maximize your effort on this project.
Remember, the point of this research project is for you to evaluate a failure, determine the causes of the failure, and introduce a way the failure could have been averted. This project will give you some insight for your own potential business idea and help you avoid some of the mistakes others have made. As stated above, failure is common in small business; conduct some solid research on this project to identify the risks, so you can create mitigation techniques to increase your chances of success when you venture out with your plan!
Note that you will conduct online research using scholarly resources, which can be found in the DeVry Online Library (available under Course Home) and online research sources such as Google. Locate at least 4 scholarly articles that discuss the failures in small business for inclusion as sources in your paper. What are current trends in this business (or in the overall industry of which this business is a member) that might impact customer service, customer satisfaction, or customer loyalty positively or negatively?
The purpose of an introduction or opening is to
- introduce the subject and why the subject is important;
- preview the main ideas and the order in which they will be covered; and
- establish the tone of the document.
Include in the introduction a reason for the audience to read the paper. Also, include an overview of what you are going to cover in your paper and the importance of the material. (This should include or introduce the questions you are asked to answer on each assignment.)
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