Topic 3 Small - Medium Enterprises

Question 1

what percentage of people in Australia are employed by SMEs

Answer 1

47%

Question 2

Characteristics of SMEs(4)

Answer 2

independent ownership
small market share (non -dominant in their industry)
locally based
owners provide bulk of funding

Question 3

factors that lead to the success of a SME

Answer 3

flexibility
reputation
focus on market niche
entrepreneurial ability
access to information

Question 4

what does flexibility refer to

Answer 4

the ability for business to adjust and adapt change

Question 5

what does reputation refer to

Answer 5

the way consumers see a bussiness

Question 6

What does entrepreneurial ability mean

Answer 6

to have the skills that every entrepreneur needs

Question 7

list some skills every entrepreneur needs (3)

Answer 7

focus
resilience
ability to learn

Question 8

what does access to information refer to

Answer 8

the ability to get and use information to improve the business in order to survive

Question 9

List some factors that contribute to the failure of businesses (3)

Answer 9

failure to plan
poor location
new competitors