Types of businesses
What does JIT stand for?
Just-In-Time
What are the challenges that lead to business failure?
ineffective management of debtors, high stock levels, bad debt
Explain what Flow production stands for
Flow production is a manufacturing process that is defined by the continuous 'flow' of goods along an assembly line. The goods are put through different stages on the assembly line before being packaged for delivery to the end customer.
What is the common reason why businesses fail?
The most common reasons small businesses fail include a lack of capital or funding
What are the 3 types of businesses?
Sole Proprietorship
Partnership
Corporation
What are the 3 ways to avoid a startup business failure?
Have a solid business plan
Carry out market research
Manage your finances
Hire a good team
Market your business
What is the most common business type?
SOLE PROPRIETORSHIP
How did Nokia brand failed to inovate?
The company overestimated the strength of its brand and believed it could arrive late to the smartphone race and still win. In 2008, one year after the first iPhone release, Nokia finally decided to compete with Android, but it was too late. Their products weren't competitive enough