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Starting a Small Business: Challenges and Opportunities

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Starting a Small Business: Challenges and Opportunities

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Questions and Answers

What is the primary motivation for individuals to start a small business?

To take risks and challenge themselves

To become a manager and lead a team

To turn their passion or innovation into real success (correct)

To earn a steady salary and benefits

What is one of the reasons why small businesses fail within their first year of operation?

Unfavorable business location

Poor financial management (correct)

Inadequate staffing

Lack of marketing strategy

Who is the author and contributor at Forbes who discussed the risks of running a small business?

JK Capital

Warren Buffett

Bill Gates

Houston, M. (correct)

What is the potential consequence of inadequate decision-making or management in a small business?

Financial crisis Signup and view all the answers

What is the percentage of small businesses in the Philippines that fail within their first year of operation?

20% Signup and view all the answers

Why is it essential for small business owners to understand financial risks and uncertainties?

To secure business operations in the long term Signup and view all the answers

What is the main goal of financial risk management?

To minimize the potential effects of financial risks Signup and view all the answers

Why do many small businesses rarely carry out detailed risk assessments and management strategies?

Due to a lack of human resources and budget constraints Signup and view all the answers

What is the first step in financial risk management?

Identifying the risk Signup and view all the answers

What is the primary purpose of this study?

To evaluate the financial risks faced by small businesses in Brgy. 175 of Caloocan City Signup and view all the answers

What is the ultimate outcome of this study?

To develop an effective financial risk plan specifically tailored to the needs of small businesses in Brgy. 175 of Caloocan City Signup and view all the answers

What is essential for every business to do?

To manage risks to reduce and minimize the loss exposure Signup and view all the answers