Business Success Quiz

what is one reason many small businesses fail?

• Excessive funding

• Lack of proper planning or expertise

• Overstaffing

• Poor location

What is considered very important for the success of a business?

• Knowing the competitors

• Knowing the market and the product

• Having a large inventory

• Cutting costs at all opportunities

What is an additional significant element for small business success mentioned in the material?

• Innovative marketing strategies

• Sourcing and maintaining funding

• Expanding quickly

• Outsourcing tasks

What can influence the difference between success and failure for a small to medium business?

• The size of the company

• The original goal set by the owner

• The number of employees

• The location of the business

Why is it important for business owners to monitor progress?

• To ensure employees are satisfied

• To accumulate small issues

• To make changes to the business plan

• To monitor progress in an ongoing manner

What enables a clear measurement of success for a business?

• Having a clear business plan aligned with goals

• The number of products sold

• The amount of investment received

• The popularity of the business

What is a key factor for success in the finance area of a business?

• Not having enough reserves of cash

• Misunderstanding of the cash flow

• Having enough cash to ensure positive cash flow

• Not ensuring there is enough cash back up in case they run into any issues

Which of the following is NOT a reason for failure in business planning?

• Time for business planning and reflecting on the achievement of goals

• Poor decision planning

• Not having a clear plan for the future and systematic ways of reviewing decisions for the present and future

• Not ensuring everyone in the business agrees on the plan

What should be regularly reviewed to ensure success in marketing?

• Knowing their customer and can’t describe their needs

• Not establishing a product or service is likely to be profitable

• Poor market research

• Research should be regularly reviewed

According to the image, what is a sign of failure in the skills area of a business?

• Using outside expertise and mentors

• Employing other people for advice in areas that are not their strength

• Knowing strengths and being able to trust other people to assist in areas of weakness

• Should not just rely on one individual