Eventually Most Successful Small Business Owners

question 16

Multiple Choice

Eventually most successful small business owners:

• A) develop a management team.
• B) learn how to manage their successful business on their own.
• C) find that their workload tends to diminish.
• D) manage to transition to the new business levels without too much difficulty.

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Definitions:

Study Time

The period dedicated to educational activities or acquiring knowledge through reading, practice, and research.

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors.

Opportunity Cost

The value of the next best alternative foregone as the result of making a decision.

Preferred Alternative

The most favorable option or choice among a set of possibilities, especially in the context of decision making or policy formulation.