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Explain any two principles which can be followed to grow a business. |
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Answer» a. Quality: An entrepreneur can improve the business by improving the quality of the product or service which is offered to the customer. This will help the business to stand out in the market and as a result, will justify the entrepreneur charging a higher price. For example: for a business of candles, an entrepreneur can improve on the quality by making scented candles or candles in different colours or sizes. b. Scaling Up: Scaling up means growing the business by attracting more customers. One such way is to go to a different area where you will find new customers. For example: selling candles in different housing societies where a lot of people live instead of market where there is competition. c. Adding Substitutes: Another way of growing a business is by giving offers to customers. Substitutes mean products and services which are similar to what is already being sold. |
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