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Refer to Section 5-4. Discuss in your own words how entrepreneurs can compete against major companies....

Refer to Section 5-4. Discuss in your own words how entrepreneurs can compete against major companies. What advantages do entrepreneurs and their businesses have?

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Answer #1

Entrepreneurs can compete against major companies by:

  • Providing Excellent Customer Service
  • Innovation
  • Improved Efficiency
  • Personal Bond with the Customers
  • Local Reputation
  • Tapping into Niche Markets
  • Attract the Best Workforce

Adaptability, usually strong staffing, and the capacity to form close relationships with consumers are among the key benefits of small businesses. The digital communication revolution has significantly reduced the cost of contacting consumers, and this has been a blessing to small businesses.

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