Which of the following is a common reason for small businesses to fail due to external factors? a. fraud in the business b. overlooking competition c. inadequate financial records d. failure to diversify the customer base

b. overlooking competition While all the options mentioned can contribute to a small business's failure, overlooking competition is a common external factor that can significantly impact a business's ability to succeed in the market. Understanding and responding to competitive forces is crucial for maintaining a business's viability.