Cottage Industries
What type of tools do cottage industries usually use?
Simple or hand-operated tools
Name one way small businesses create employment.
By hiring local workers or family members
What makes small businesses flexible?
They can quickly adjust to customer needs
What’s a major financial disadvantage?
Limited access to capital
Where are most cottage industries located?
In homes or small workshops
How do small businesses encourage innovation?
They experiment with new products or services easily
Why do customers often prefer small businesses?
They offer personalized service
Why might small businesses struggle to compete?
They can’t benefit from economies of scale
Give one example of a cottage industry in the BVI.
Examples: Craft making, food processing, or tailoring
What is one role of small businesses in the BVI economy?
Providing goods/services not offered by larger firms
What’s one advantage of being the owner of a small business?
Independence and control over decisions
What’s a risk of relying too much on one owner?
If the owner is sick or leaves, the business may fail
Why are cottage industries important to local communities?
They preserve traditional skills and create income for families.
Why are small businesses important to rural areas?
They provide jobs where big companies don’t operate.
How do small businesses strengthen communities?
They keep money circulating locally and support other local firms.
Why do small businesses sometimes close early?
Low demand, high costs, or lack of skilled staff