Profit in Business

The video discusses a conversation between a boy and his granddad about running a successful business. The granddad shares insights on making a profit, managing costs, and the importance of customer trust. He explains how he expanded his business by partnering with Uncle Jimmy and maintaining quality service. The video highlights the challenges and rewards of entrepreneurship.

What did the narrator's father suggest about making money?

• Borrowing from friends

• Saving money in a bank

• Starting a profitable business

• Investing in stocks

What is the first step in ensuring a business is profitable according to Granddad?

• Advertising extensively

• Hiring more employees

• Understanding the costs involved

• Expanding the business quickly

How did Granddad keep his business costs low?

• By renting a large premises

• By using recycled components

• By employing many workers

• By buying new tools

Why was it important for Granddad to control his stock carefully?

• To reduce advertising costs

• To increase the number of employees

• To avoid having too many unsold cars

• To expand the business rapidly

What strategy did Granddad use to attract customers?

• Advertising in newspapers

• Giving free car repairs

• Offering discounts on all cars

• Partnering with large companies

What was a key factor in Granddad's business expansion?

• Investing in new technology

• Opening new branches

• Partnering with Uncle Jimmy

• Hiring more employees

How did Granddad and Uncle Jimmy ensure their business remained profitable?

• By hiring more employees

• By increasing the prices of their cars

• By keeping the business small with low costs

• By becoming a large company