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Answers
- A “small” business is defined as $50 million or less in sales.
- On average, small businesses have LOWER profit margins than large businesses
- According to Dun & Bradstreet, 90% of small business failures can be traced to poor management from lack of knowledge. However, we at CEO Partners disagree with this. Many more failures are caused by failing to do what you already know!!
- According to a study by the Forum Group, the reasons customers defect is: 15% prefer another vendor, 15% price, 70% poor customer service (20% lack of attention, 50% poor quality of primary contact person).
- According to the author, you do NOT have a business unless you could pay fair market value to a professional manager to run your business ($100,000+) an still have an income. Note that the self-employed have a business, but that business is solely dependent on them. They violate the “drop-dead rule.” That is, if they got hit by a bus, they would not have a business.
- SWOT stands for “strengths, weaknesses, opportunities, threats.” This is a great place to start analyzing a problem.
- The Boston Consulting Group Matrix helps businesses allocate resources between business units based on growth and market share. The labels are “cash cows, stars, question marks, dogs.”
- According to The Emyth, by Michael Gerber, the single biggest mistake made by business owners is working in your business, not on it. If you are performing tasks for your business, you have a job, not a business!
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