Congratulations! 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 three managers and another twenty employees.
Discuss a plan of action that you and your partner would personally implement to avoid the four main failure mechanisms of small business:
managerial incompetence or inexperience
weak control systems
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 at least two external (Internet) sources on business management technique and business success. Make sure you cite your references at the end of your work.
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