Texas A&M University ( MGTK 304 ) Entrepreneurship and Small Business Management

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Small Business Advantages  Meeting customer needs  Serve customers where the number of products and services needed is small or the requirements are too specialized for large businesses ... Get direct information from their customers  Providing Unique Services  Spend time determining needs and discussing alternatives  Unique needs, more individual attention, and willing to pay more. Checkpoint #5  How can small businesses compete successfully with larger businesses?  Smaller businesses are able to provide more personalized products and services to their customers.  They are able to provide products and services where smaller orders and projects are required and tend to fill unique customer needs, which larger companies do not provide. Common Small Business Problems  Reasons for failure 1. Not keeping adequate records 2. Not having enough start-up money 3. Lack of management experience 4. Lack of experience with the type of business 5. Not controlling operating expenses 6. Poor location for the business 7. Failure to manage credit offered to customers Com [Show More]

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