Answered: If you started a retail business, would…

If you started a retail business, would you prefer to be in a community with no competition or a community with several other retail businesses just like yours? Why?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

If you started a retail business, would you prefer to be in a community with no competition or a community with several other retail businesses just like yours? Why?

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Expert Solution

Step 1

The business environment could be competitive and challenging. Entrepreneurs need to understand the market, the demands of the customers and their competitors as well before starting their business in a community.

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