Riley Reading Comp 2

What is one of the first steps in running a small business?

• Identifying a product or service that meets a market need

• Hiring employees

• Setting up a physical store

• Creating a website

Why is a business plan essential for a small business?

• It helps in hiring employees

• It outlines business objectives and strategies

• It guarantees business success

• It eliminates competition

Which of the following is a crucial aspect of running a small business?

• Marketing

• Hiring a large team

• Opening multiple locations

• Ignoring customer feedback

What should a business plan include?

• Details about products, pricing, and marketing strategies

• A list of competitors

• A personal biography of the owner

• A history of the industry

Why is managing finances important for a small business?

• To ensure profitability and long-term success

• To impress investors

• To avoid paying taxes

• To increase employee salaries