A new small business owner does not have to be aware of substitutes or the impact they could have.

Question

Quizplus · Accepted Answer

A new small business owner should be aware of substitutes and the impact they could have on their business. Substitutes refer to similar products or services that customers could choose instead of the business's offerings. Failing to consider substitutes could lead to the business losing customers and market share. Therefore, it is important for small business owners to be aware of the substitutes in their industry and find ways to differentiate their offerings from them.

A New Small Business Owner Does Not Have to Be