Frequent question: What is an implication of technological advances to small businesses?

Which of the following is an implication of technological advances to small businesses? … It reduces a small business’s ability to adapt to changing trends and market demands.

What is an implication of technological advances to small businesses quizlet?

Which of the following is an implication of technological advances to small businesses? It provides new opportunities for small businesses to expand their operations abroad.

Is best described as any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people?

BAD 10 Ch 6

Question Answer
Small Business Any independently owned and operated business that is not dominate in its competitive area and does not employ more than 500 people.
Small Business Administration an independent agency of the federal government that offers and Managerial and financial assistance to small businesses.
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Is best described as any independently owned and operated business that is not dominant in its competitive area?

Define a small business. Any independently owned and operated business that is not dominant in its competitive area and does not employ more than 500 people.

Which of the following is a reason behind the failure of several small businesses?

The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.

Which of the following is the shortest path to business failure?

Undercapitalization: The lack of funds to operate a business normally. Shortest path to failure. Enough money to get started, isn’t enough to stay started. Managerial Inexperience or Incompetence: Poor management is another cause of small business failure.

What is the main supplier of external financing to small businesses?

Banks are the main suppliers of external financing. Federal level: the Small Business Administration (SBA) offers financial assistance to qualifying businesses.

Which of the following is a disadvantage of small businesses?

Among the disadvantages of small businesses are the high stress level and the high failure rate.

Why do they account for only 6% of all United States sales?

75% of all businesses are sole proprietorships, but only account for 6% of sales. This is because most sole proprietorships are small compared to large corporations. … In the United States, corporations account for about what percent of all businesses yet they sell about what percent of all products sold in the U.S.?

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What is one commonly reported disadvantage of franchising?

Disadvantages to franchisors include a lack of control over franchisees, reputational risks, and slow growth through franchising compared to mergers and acquisitions. Disadvantages to franchisees include high costs and royalty payments, strict product rules, and other start up challenges.

Which of the following is a responsibility of a small business owner?

Small business owners are responsible for sales revenue and the marketing to drive sales. Many owners, especially in the early years, also go on sales calls and help close sales. Owners may get involved in marketing, including establishing campaigns, placing ads, doing email marketing and social media marketing.

Do businesses have the right to keep and use their profits as they choose without limitations?

The primary goal of business activities is profit. Nonprofit organizations such as Habitat for Humanity do not engage in management, marketing, or finance activities. Profit is what it costs to make and sell a product. Businesses have the right to keep and use their profits as they choose, without limitations.

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