With an increase in population, there has also been an increase in the number of businesses worldwide. Most of these businesses have experienced failure but used the same to navigate themselves to more significant positions in the following years. Apple Incorporation is an excellent example of a business that experienced failure and rebounded years later. It was the high perfection of Apple courtesy of Steve Jobs at the formative stages of the company that led to the collapse of the business (Anantachart & Tangsritrakul, 2019). The main element for the return of the Apple business to the market was the production of perfect and quality products than any other brand. Thus, its failure was turned into a positive experience that later saw the production f perfect and quality product to capture a large market.
Some of the causes of business failure include the opening of a business in an industry that is not profitable. It is because every business needs to operate in an industry where it can achieve sustainable growth that results from positive cash flow. A company might fail because there is a lack of understanding and poor communication of what is being sold to the public (Munoz et al., 2019). The value proportion of the products are not defined. There is the overdependence on a single customer. In case of market dynamics that will alter the tastes and preferences of the customers towards the business, it might be at the risk of collapsing.
A business can avoid failure if it considers factors such as differentiation and diversification of the products, which will increase the customer base and the sales. The company is also to set clear goals and objectives besides developing achievable strategies to attain them. The firm is to consider the interests of the customers, among other significant stakeholders (Stambaugh & Mitchell, 2018). Companies must invest in advisors or mentors and draw from their expertise. The business can avoid outfalls if it makes preparations for adverse times and how to provide solutions to problems that require quick decisions.
Anantachart, S., & Tangsritrakul, N. (2019). Relating Brand Personality with Customers’ Brand Experience: A Case of Apple Brand in Thailand. Communication and Media in Asia Pacific (CMAP), 2(2), 27-54.https://so01.tci-thaijo.org/index.php/CMAP/article/download/188189/144002/
Muñoz-Izquierdo, N., Segovia-Vargas, M. J., & Pascual-Ezama, D. (2019). Explaining the causes of business failure using audit report disclosures. Journal of Business Research, 98, 403-414. https://www.sciencedirect.com/science/article/abs/pii/S0148296318303370?casa_token=2vhLK30d7-cAAAAA:vZKqpm-0-IUthlw5twA3dhm_KZqatHkQNF-JwaW9c5S-l81t_D5yNj3n3F1kPSpPGGPKrfgnCLkM
Stambaugh, J., & Mitchell, R. (2018). The fight is the coach: creating expertise during the fight to avoid entrepreneurial failure. International Journal of Entrepreneurial Behavior & Research. https://www.emerald.com/insight/content/doi/10.1108/IJEBR-09-2016-0287/full/html?casa_token=jZx60uBuGooAAAAA:TSrQ97FXqrvK0QasRkxwFg3TNso9UZMv8EOrOEqzMt2lBACAUQfyNnG6HXjQoFeP-BSZBzm46UTafULscvXzfJj6y8ORkMWjSzELdd1aTcJueNXTGNgTdw
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Rise & Fall: Apple Inc. & Its Comeback after Experiencing Failure - Essay Sample. (2023, Aug 28). Retrieved from https://proessays.net/essays/rise-fall-apple-inc-its-comeback-after-experiencing-failure-essay-sample
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