Explain three reasons for failure of small business soon after inception?

1. Lack of planning: Many small businesses fail because they do not have a solid business plan in place. Without a clear roadmap for how the business will operate, attract customers, and generate revenue, it is easy for the business to flounder and ultimately fail.

2. Insufficient funding: Another common reason for small business failure is a lack of adequate funding. Many small businesses struggle to secure the necessary capital to cover startup costs, operating expenses, and unexpected emergencies. Without enough money to keep the business afloat, it is difficult for the business to survive in the long term.

3. Ineffective marketing and sales strategies: Small businesses often fail because they are unable to effectively market their products or services and attract customers. Without a strong marketing and sales strategy in place, it is challenging for the business to generate enough revenue to sustain itself. Additionally, if the business is unable to differentiate itself from competitors and communicate its unique value proposition to customers, it may struggle to gain traction in the market.