Self-study activity:
Today's activity will work out far better if you manage to do it with someone else. It is suitable for intermediate students.
Get together with an English speaking friend or relative and before watching Randy Kirk's video try to come up with some ideas of your own: In your opinion, why do (small) businesses fail?
Now listen to Randy discussing his 10 reasons why businesses fail, which he thoroughly describes in his book Running a 21st Century Small Business and just note down the 10 reasons he suggests.
As an extension of the listening activity, you can try and say in your own words the explanations Randy offers for each of the reasons he mentions.
You can read a very accurate trancript of the video by activating the CC on the bottom right-hand corner of the YouTube screen. Choose 'Transcribe audio' and select 'Accept'.
Key:
1 Inadequate capital
2 the product or service isn’t needed
3 underpricing
4 excessive overhead
5 insufficient time commitment from the owner
6 bad luck or poor timing
7 a poor understanding of the business
8 a problem location
9 poor accounting controls
10 internal theft
