Do you think small business units can survive in a competitive market? Explain any three factors which make way for the scope of small business enterprises.
Do you think small business units can survive in a competitive market? Explain any three factors which make way for the scope of small business enterprises.
Yes, small business units can survive in a competitive market. Factors which make way for the scope of small business enterprises are as follows:
1. Limited resources: Individuals with an entrepreneurial spirit but with limited economic means and resources always have an option of starting a small business.
2. Flexibility: Small firms are usually owner-operated and this allows them to expand or reduce the scale of operation, try new products, new ideas without requiring lengthy approval procedures.
3. Personal touch: Small enterprises are more likely to succeed in areas requiring personal touch in handling customers.
Yes, small business units can survive in a competitive market. Factors which make way for the scope of small business enterprises are as follows:
1. Limited resources: Individuals with an entrepreneurial spirit but with limited economic means and resources always have an option of starting a small business.
2. Flexibility: Small firms are usually owner-operated and this allows them to expand or reduce the scale of operation, try new products, new ideas without requiring lengthy approval procedures.
3. Personal touch: Small enterprises are more likely to succeed in areas requiring personal touch in handling customers.
