A Review of Small Business Successes and Failures Indicates That

question 261

Multiple Choice

A review of small business successes and failures indicates that the:

• A) businesses that are easiest to start offer the greatest potential for long-term growth and profits.
• B) restaurant industry offers the least risk for entrepreneurs.
• C) businesses with potential of high profit levels tend to be difficult to start and hard to keep going.
• D) reason the service sector is rapidly growing is that these firms are easy to start and keep going, and offer high levels of security and growth potential.

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Definitions:

Network Structures

Refers to the organized arrangement of interrelated elements or nodes in a network, enabling communication and interaction within a system or organization.

Lean and Streamlined

Approaches or systems that are designed to maximize efficiency by eliminating waste and unnecessary processes.

Technology Control

The management and regulation of the development, application, and dissemination of technology.

Formal Authority

The power given to an individual or entity based on their position within an organization, enabling them to enforce rules and make decisions.