Question

What information do you need before you can decide which type of business might be the most successful? Be sure to give your answer in at least three to four sentences.

Answer 1

Before I can choose a business, I need to know how much competition there is in my community. For example, if competition for outdoor footwear is high, the coffee shop might be the better choice. I also need to know which business has factors of production that are possible for me to meet. For example, how many employees would I need for each business?

Answer 2

The information that is needed before making the choice of which business will be more successful is the study of competition in the market.

What is business?

A company or an entity that is engaged in commercial, industrial, or professional activity is called as business. Businesses can either be for-profit or non-profit organizations.

Limited liability firms, sole proprietorship, corporations, and partnerships are all examples of business types.

There is a need to study about the competition in the market about each business, as if the competition is present in the market, this will be most helpful to determine that which business  will do.

Therefore, business is the organization that survive by making the profits in the market.

Learn more about the business, refer to:

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