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Small Business Benefits and Disadvantages

Authored by Laurence Cox

Business

Professional Development

Used 9+ times

Small Business Benefits and Disadvantages
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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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