BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1. Small firms have more intelligent people
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2.Small size makes them agile to experiment and create
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3. Small firms do not have advantage of large scale.
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4. Small firms are free people to innovate.
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Detailed explanation-1: -By considering new ideas and new ways of doing things, and trying to innovate, we can improve on our products/services, increase sales, reduce costs and make our processes more effective and efficient. Innovation is key to increasing profits.
Detailed explanation-2: -Innovation plays a key role in introducing novelty to existing product lines or processes, leading to increased market share, revenue, and customer satisfaction. Sometimes innovation is used to upgrade the operating systems of the business or to introduce modern technologies for automation.
Detailed explanation-3: -Small businesses are better at adapting to changes in the market. They are often closer to their customers, putting them in a better position to gather feedback from their clients, which could allow them to make positive, innovative changes to the customer experience quickly and often with minimal investment.
Detailed explanation-4: -You can’t meet your customer’s long-term needs unless you are willing to innovate beforehand. If you remain stagnant, your business will eventually struggle to compete with your competitors. You have to continually challenge yourself to come up with new ideas that excite your customers and continually meet their needs.