Question

While good management is basic to starting and growing a business, once some measures of success have been achieved, good management becomes less important.

A. True
B. False

Answer 1

The notion that good management becomes less important after achieving success is false. Good management is critical in responding to market conditions, maintaining productivity, and guiding a business through changes and challenges at all stages.

Step-by-step explanation:

The statement that good management becomes less important once a business has achieved some measure of success is false. Good management is crucial at all stages of a business. It is responsible for navigating shifts in market conditions, ensuring productivity, countering competition, and maintaining operational efficiency.

While the particular focus of management activities may evolve as a business grows and matures, and information about the company's performance becomes more widely available to investors, the importance of good management in sustaining and furthering business success does not diminish. Moreover, good management is vital for adapting to changes, such as the fluctuations in supply and demand that can affect business costs and revenue. Without strong management, a business may struggle to overcome these challenges and risks failure, which can have a significant impact on employees, managers, and the larger economy.