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OTE2601 Assignment 2 2025 ANSWERS - Due 15 June 2025

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QUESTION 1 A famous South African entrepreneur like Patrice Motsepe can mentor young entrepreneurs in running a business. Discuss the reasons why most businesses fail. 1. Incompetent Management Many entrepreneurs have great business ideas but lack managerial skills. Poor decisionmaking, inadequate planning, poor location choices, weak staff management, and the absence of a marketing strategy are signs of weak management. Without solid leadership, the business struggles to grow or even survive. 2. Lack of Experience Transitioning from being an employee to managing a business is a major leap. Many new business owners have limited experience in their industry and are not prepared for the responsibilities of running a business, such as handling finances, operations, and customer relations.

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OTE2601
ASSIGNMENT 2
DUE DATE: 15 JUNE 2025

, OTE2601
Assignment 2 2025




QUESTION 1

A famous South African entrepreneur like Patrice Motsepe can mentor young
entrepreneurs in running a business. Discuss the reasons why most businesses
fail.


1. Incompetent Management
Many entrepreneurs have great business ideas but lack managerial skills. Poor decision-
making, inadequate planning, poor location choices, weak staff management, and the
absence of a marketing strategy are signs of weak management. Without solid leadership,
the business struggles to grow or even survive.


2. Lack of Experience
Transitioning from being an employee to managing a business is a major leap. Many new
business owners have limited experience in their industry and are not prepared for the
responsibilities of running a business, such as handling finances, operations, and
customer relations.

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