When getting started, a small business needs to define their role within an industry.or sector. How will a small business determine its role? a. By creating a chain of command b. By regulating their imports/exports . By defining their contribution to an industry d. By performing and delivering products to consumers
The correct answer is c. By defining their contribution to an industry.
When getting started, a small business needs to determine its role within an industry or sector by defining how it will contribute to that industry. This involves identifying the products or services it will provide, the target market it will serve, and the unique value propositions it will offer. This process helps the business position itself and differentiate from competitors. Creating a chain of command helps establish a hierarchical structure within the organization, but it does not directly determine the role of the business within the industry. Regulating imports/exports may be important for international businesses, but it is not the primary factor in defining their role within an industry. Lastly, performing and delivering products to consumers is an operational aspect of the business, but it is not the determining factor in defining its role.