Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I want to write an opportunity evaluation of this buisness idea UNIV 200 BUSSINESS PROPOSAL. 1. PROBLEM DESCRIPTION. Small business is mostly defined as a
I want to write an opportunity evaluation of this buisness idea
UNIV 200 BUSSINESS PROPOSAL. 1. PROBLEM DESCRIPTION. Small business is mostly defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business. The definition of "small"in terms of being able to apply for government support and qualify for preferential tax policy-varies by country and industry depending on the number of employees, country's population, or the technological development of a country. Minor businesses frequently struggle with marketing their products and services especially when they are home-based and lack a permanent place to establish their business. As a team, we are mainly concerned about home-based entrepreneurs or business who apparently depend on friends, family, and social media to grow and expand their business. As a result, most of these businesses fail since the customers do not have a permanent platform to provide their goods or services. Nevertheless, the customers are not reliable in a sense that friends and family might be buying the goods out of pity or giving support to a loved one, thus they gradually lose interest as time passes by. 2. CURRENT STATE OF THE UAE. The UAE is one of the best places in the world to conduct small businesses due to its several advantages like low tax rates and a wide competitive economy. According to statistics, many small business owners encounter hardships during their journey such as the loss of market share, unspoken overhead expenses, and high employee turnover rate. Despite the ongoing pandemic, small business owners have been experiencing different setbacks before. According to a certain interview done in the years back, the major problems faced were the three mentioned above followed by other drawbacks. The figure below is a summary showing the problems encountered by SMBs in the UAE Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started