INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increase prices
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Increase number of items sold
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Decrease fixed expenses
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All of the above
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Detailed explanation-1: -Reduce utilities. Reduce labor costs. Decrease operating costs. Lower your prices. Increase your prices.
Detailed explanation-2: -There are four key areas that can help drive profitability. These are reducing costs, increasing turnover, increasing productivity, and increasing efficiency. You can also expand into new market sectors, or develop new products or services.
Detailed explanation-3: -There are 3 main ways to improve the profitability of your company: Sell more, price higher and reduce costs. But profits can also be increased by greater cost efficiency.
Detailed explanation-4: -You can improve your margins two ways. If your company is a differentiator, you can raise prices. The company differentiates by creating high demand with a good design, high awareness, and easy accessibility. You sacrifice some of the demand with a higher price.
Detailed explanation-5: -Net profit calculation. You can use a simple formula to calculate net profit. Reduce utilities. It might seem difficult to reduce utilities, but there are ways to do it. Reduce insurance premiums. Reduce labor costs. Reduce operation costs. Increase sales revenue. 01-Nov-2022