ECONOMICS
ENTREPRENEURS
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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: -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-2: -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.
Detailed explanation-3: -Innovation and enterprise have the potential to make businesses stay ahead of the competition. Innovation and enterprise help to change the market and environment with the advancement in globalization. This has made the markets more competitive and productive.
Detailed explanation-4: -Review your budget. Stay social. Know your customers. Be adaptable. Try a subscription model. Look for ways to improve. Protect your assets. Streamline your processes. More items