Competitive environment common mistakes

Common mistakes

• Competition and markets common mistake 1

  Giving a vague answer instead of directly addressing: Explain the meaning of a market and competition..

  Fix itAnswer by clearly explaining how to explain the meaning of a market and competition..

• Competition and markets common mistake 1

  Giving a vague answer instead of directly addressing: Analyse potential impacts of competition on businesses..

  Fix itAnswer by clearly explaining how to analyse potential impacts of competition on businesses..

• Competition and markets common mistake 1

  Giving a vague answer instead of directly addressing: Identify situations where businesses face minimal or no competition..

  Fix itAnswer by clearly explaining how to identify situations where businesses face minimal or no competition..

• Uncertainty and risk common mistake 1

  Giving a vague answer instead of directly addressing: Explain risks businesses face and why all businesses face uncertainty..

  Fix itAnswer by clearly explaining how to explain risks businesses face and why all businesses face uncertainty..

• Uncertainty and risk common mistake 1

  Giving a vague answer instead of directly addressing: Explain why entrepreneurs embark on running businesses despite risk..

  Fix itAnswer by clearly explaining how to explain why entrepreneurs embark on running businesses despite risk..

• Uncertainty and risk common mistake 1

  Giving a vague answer instead of directly addressing: Explain activities businesses can use to minimise risks..

  Fix itAnswer by clearly explaining how to explain activities businesses can use to minimise risks..