Final answer:
A firm lacking important skills or competencies compared to competitors may face barriers to success, which can result in failure due to inferior market offerings.
Step-by-step explanation:
When identifying critical success factors, a lack of important skills or competencies relative to the presence of those resources in competing firms represents a barrier that may discourage or prevent a firm from successfully competing in the market. Such a deficiency can lead to business failure as competitors with those skills or competencies may provide better or cheaper products. Factors such as legal, technological, or market forces can discourage new firms from entering a market, further impacting competitive dynamics.