Benefits of Turning Your Hobby into a Business

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What is one factor that influences other companies selling similar products in the same marketspace?

Size of the company's office space

Number and size of active competitors (correct)

Number of employees

Number of company shareholders

When is a competitive advantage achieved by a firm?

By bringing a product to market at a higher price than competitors

By producing a superior product or bringing a product to market at a lower price than competitors (correct)

By producing a mediocre product

By having the most competitors

What does the text highlight as an important concept related to competitive advantage?

Monopolistic competition

Oligopoly

Asymmetries (correct)

Perfect competition

Why might the best business concept fail according to the text?

Lack of proper marketing strategy to attract customers Signup and view all the answers

What does the text imply about organizational development in fast-growth companies?

Fast-growth companies need employees and specific business procedures Signup and view all the answers

Why is it mentioned that work is divided into functional departments in organizational development planning?

To organize the work that needs to be accomplished Signup and view all the answers

What is an essential aspect for companies that hope to grow and thrive according to the text?

Having a plan for organizational development Signup and view all the answers

What is one reason given in the text for the failure of even tremendous firm qualities?

'Asymmetries' in the market Signup and view all the answers

Why does the text emphasize the importance of competitive advantage?

To demonstrate how firms can outperform competitors through superior product quality or lower prices Signup and view all the answers

What is highlighted as a potential factor that can make a business concept fail according to the text?

Lack of proper marketing strategy to attract customers Signup and view all the answers

Benefits of Turning Your Hobby into a Business

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Questions and Answers

What is one factor that influences other companies selling similar products in the same marketspace?

When is a competitive advantage achieved by a firm?

What does the text highlight as an important concept related to competitive advantage?

Why might the best business concept fail according to the text?

What does the text imply about organizational development in fast-growth companies?

Why is it mentioned that work is divided into functional departments in organizational development planning?

What is an essential aspect for companies that hope to grow and thrive according to the text?

What is one reason given in the text for the failure of even tremendous firm qualities?

Why does the text emphasize the importance of competitive advantage?

What is highlighted as a potential factor that can make a business concept fail according to the text?

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