Small Business Benefits and Disadvantages
Authored by Laurence Cox
Business
Professional Development
Used 9+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One benefit to a small business from having a unique selling point is:
Increased competition
Give the business a competitive advantage
Reduced market share
Lower brand recognition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One disadvantage to a small business of manufacturing a high quality product is:
Increased production costs
Lower customer satisfaction
Reduced product lifespan
Decreased brand reputation
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One reason why new business ideas come about.
Changes in technology
To increase competition
To reduce market share
To complicate processes
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One risk for an entrepreneur when starting a new business.
Financial loss
Guaranteed success
No competition
Unlimited resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One way a small business could add value to a product.
Improving product quality
Reducing production costs
Increasing advertising budget
Expanding product line
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One way an entrepreneur can reduce the risk of failure when starting a new business is:
Conducting thorough market research
Ignoring customer feedback
Investing all capital in one area
Avoiding any form of marketing
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One reason why an entrepreneur may adapt an existing product to come up with a new business idea.
To increase marketing costs
The business already understands the market
To reduce product quality
To decrease brand loyalty
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