Use the Following to Answer Questions

question 49

Multiple Choice

Use the following to answer questions:
Scenario 7-2. Jack loves computers and has since he was a child. He spends every waking hour programming, rebuilding, and tinkering with any computer he can find. He has just graduated with a Bachelor's Degree in Computer Science and is trying to decide what to do with the rest of his life. The computer stores in the town in which he lives are not places he would want to work. They are known for slow service, lack of quality computers, and inability to service the computers they sell. He is contemplating opening his own small business; however, lack of funds is his major problem. To deal with his lack of funds, initially he would concentrate on repair and service of existing computer systems and then expand into selling new computers as his capital base grew. He knows he could do a better job with customer service than what his competitors currently are doing.
-In Scenario 7-2 above, Jack's competitive advantage would be which of the following?

• A) His emphasis on customer service
• B) Lower prices
• C) Established customer base
• D) His education

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Definitions:

Startup Failure

The condition where a startup company cannot continue operations due to financial constraints, lack of market fit, management problems, or other reasons leading to its closure or insolvency.

Global Entrepreneurship Monitor

An annual assessment of the national level of entrepreneurial activity around the world, initiated as a partnership between London Business School and Babson College.

Type of Economy

A category that describes a country's economic system, such as a capitalist, socialist, or mixed economy.

Fear of Failure

The apprehension or anxiety experienced by individuals when facing potential failure, which can inhibit risk-taking and innovation.