Do you think small business units can survive in a competitive market ? Explain any three factors which make way for the scope of small business enterprises

small-business
cbse

#1

Yes, small business units can survive in a competitive market. Factors which make way for the scope of small business enterprises are as follows :

  1. Limited resources: Individuals with entrepreneurial spirit but with limited economic means arid resources always have an option of starting a small business.
  2. Flexibility: Small firms are usually owner-operated and this allows them to expand or reduce the scale of operation, try new products, new ideas without requiring lengthy approval procedures.
  3. Personal touch : Small enterprises are more likely to succeed in areas requiring personal touch in handling customers.