ENTREPRENEURSHIP

Detailed explanation-1: -Successful small businesses are customer-focused, which means they understand the needs of their current customer bases. Satisfied customers can drive profits through repeat business and referrals.

Detailed explanation-2: -Only 20 percent fail within the first year but 50 percent fail within the first five years. In other words, an additional 30 percent of businesses will fail between years 2 and 5, or about 7.5 percent of the initial amount per year.

Detailed explanation-3: -A successful small business must have 4 things in their corner – product, market, money & people. Whether you’re a startup looking for venture capital or you want to become a successful small business all on your own, there are a few basic – but important – components every business must have.

Detailed explanation-4: -Ownership: They have a single owner. Management: All the management works are controlled by the owner. Limited Reach: They have restricted area of operation. Labor Intensive: Their dependency on technology is very little because they are dependent on labours and manpower. More items