Which of the Following Factors MOST Contributes to Small Business

question 137

Multiple Choice

Which of the following factors MOST contributes to small business failure?

• A) managerial incompetence or inexperience
• B) bad product design
• C) legal problems
• D) time spent raising capital
• E) personnel issues

Identify the steps in creating and implementing employee development plans.

Understand the sequence and components involved in the selection process.

Recognize the importance of supervisor involvement in the selection process.

Identify the growing use of technology in employment testing.

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Definitions:

Freedom of Enterprise

The freedom for individuals to start and operate private businesses in search of profits with minimal government intervention.

Competition

The economic rivalry between companies or individuals for a larger share of a market, leading to better quality products and services at lower prices.

Competition

The rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix.

Independently Acting Buyers

are consumers who make purchasing decisions based on their own preferences and circumstances, without coordinating with others.