“…Some of these businesses ultimately collapse (i.e., fail) (Amankwah-Amoah & . Businesses fail for an array of reasons, such as the size and type of a company or industry, entrepreneurs' characteristics, and financial distress (Liahmad et al, 2021;Mayr et al, 2021;Ucbasaran et al, 2013). Boyle and Desai (1991) introduced a four-quadrant matrix to conceptualize the apparent causes of business failure, including internal-administrative, internal-strategic, external-administrative, and external-strategic reasons.…”