When It Comes to Learning More About Starting and Running

question 3

Multiple Choice

When it comes to learning more about starting and running a small business, which of the following best describes available sources?

• A) It is a good idea to avoid advice from business owners who have recently failed.
• B) Reliable sources of information are disappointingly scarce.
• C) The best approach is to get hands-on experience by working at least seven years for someone else in the field before starting your own business.
• D) Canada Business Network, industry associations, blogs, and websites are only a few of the many sources that are available.

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Definitions:

Strategic Planning

The process of defining a business's strategy, directions, and making decisions on allocating its resources to pursue this strategy.

SBUs

Strategic Business Units are individual units within a larger company, focusing on specific markets or products and having their own mission, objectives, and competitors.

Corporate Level

Pertains to high-level strategic decision-making that concerns the entire organization, involving actions such as mergers, acquisitions, and overall growth strategies.

Core Purpose

The fundamental reason a company exists, beyond just making money, which guides its business decisions and shapes its culture.