Read the scenario below and answer ALL the questions in this section.

In a local township, a group of friends has recently started a small business, offering handmade crafts and artisanal products. Despite their initial enthusiasm, they are encountering several challenges that threaten the sustainability of their venture. Additionally, the entrepreneurs are struggling with the transition from being craftsmen to effective business managers.

QUESTION $1$

As a consultant specializing in SMMEs management, discuss the common reasons for the failure of Small, Medium, and Micro Enterprises $($SMMEs$).$ Additionally, provide recommendations on how these challenges could be addressed to improve the sustainability of the venture.