When Starting a Small Business, It's Important to Remember

question 124

Multiple Choice

When starting a small business, it's important to remember

• A) an affinity for taking large amounts of risk is the critical factor in achieving small business success.
• B) doing things differently from previous entrepreneurs is the real key to success.
• C) learning from others and gaining relevant business experience improves the odds for success.
• D) to avoid burnout, limit the number of hours you work each week as you adapt to the rigors of self-employment.

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Definitions:

Labor Productivity

A measure of the economic output generated per unit of labor input, such as per hour worked.

Developing Nations

Countries with a lower standard of living, underdeveloped industrial base, and low Human Development Index relative to other countries.

IACs

International Agreements on Commodities, aimed at stabilizing commodity prices and ensuring fair trade practices.

Temporary Workers

Temporary workers are employed on a short-term basis, often through a staffing agency, to fill temporary positions or during peak business periods.