Small Business The Small Business Quiz 1. A good strategy to avoid business failure is to keep your overheads tight and protect your cash flow. True False 2. If your product isn’t selling because of this issue, then you can fix it. Choose all that apply Poor advertising and marketing strong competition the public simply doesn’t want the product price is too high 3. Investors are usually savvy people, that’s how they got the money to invest in the first place!! They will be happy to invest with you as long as you have a business plan. True False 4. Whatever country or region you are operating in, it will almost certainly have the same local taxation, regulatory and compliance regime as everywhere else in the world. True False 5. According to smallbusiness.co.uk, small business survival rates are as high as 91 per cent after one year of trading, but after five years just four in ten small businesses will still be trading. True False 6. Knowing what your competitors are up to can be the key to keeping your business alive. You should; - Choose all that apply understand and experience firsthand their products and services know what value-added benefits they are providing their customers always undercut their price, even if your service is superior understand your customer and what your product or service can do for them 7. Aspects of Intellectual Property in your business that you need to know about include; - Choose all that apply protecting your idea, whether it’s an invention or a brand name. patents trademarks copyright and registered designs 8. The advantages of employing staff, as opposed to contractors are; - Choose all that apply They are always available to you alone You only pay them for hours worked They learn about the company You can plan growth and succession 9. As soon as you are dealing with clients and or have an office, you may need advice, expertise and support from a range of people including; – Choose all that apply A Legal advice for company structure, leases, terms and conditions, contracts, employment law Accountants to advise on company structure, complete statutory accounts and give tax advice Banks to provide banking facilities, possibly funding, overdraft agreements, credit and debit cards, perhaps payment collection facilities IT support to establish an IT infrastructure, broadband, printers, networks, cloud apps 10. Realistically a new business is not going to make a profit in the first year, or maybe even the second. So, when writing your business plan and arranging start up finance you need to; -Choose all that apply cover the start-up costs. cover your running costs for the first year, or even two try not to borrow too much, as you will have to service the debt. negotiate a first tranche of funding, with an option to go back for more at a later point. Be sure to click Submit Quiz to see your results! Name Email Time's up ← Negotiating SkillsManaging Sales Staff →
