BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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There is no widely agreed definition of an SME
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They are subject to greater competition and legislation
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The macro environment is volatile
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Detailed explanation-1: -Embracing Technology In addition, SMEs may often use systems that are disconnected from other areas of business. As a result, there is a lack of integration, which makes scaling and updating existing technology a laborious and costly task.
Detailed explanation-2: -On an average, about 60-70% employment in most countries is being generated through small and medium scale enterprises.
Detailed explanation-3: -SMEs entering the international market will face internal barriers: human resources, product quality, and financial resources, and external barriers: business environment, government barriers, and socio-cultural barriers.
Detailed explanation-4: -We have divided the factors affecting the SME sector into two types-external and internal factors. External factors are related to the business environment, such as regulations, the education system, and culture, and internal factors are related to the readiness and capabilities of business owners.