(i) . Which of the following has an established customer base?

1. Starting a business from the ground up

2. Being a joint partner in a new business venture

3. Merging your start up with an existing startup in the same field

4. Buying an existing business

5. Starting an LLC

(ii) All of the following are reasons a new business can fail, EXCEPT

1. Little or no demand for the product

2. Ineffective marketing

3. The owners lack of relevant experience

4. Visible retail location

5 . Overpowering competition