The three major challenges faced by businesses today are globalisation, advances in technology, and deregulation. Which of these affords the greatest opportunity for established businesses? Which affords the greatest opportunities for new businesses? Why?
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Globalization can be described as free cross border movement of goods,services,information,and persons.It can also be decribed as closer integration of the countries and people of the world which is brought about by reduction in cost of communication and transportation.The greatest opportunity for an established business would be globalization as it can expand its market worldwide and it also provides the best open door for a built-up business to grow its business sectors. The established business would already be taking advantage of advances in technology and deregulation to promote and attract new business. The established businesses would have already benefited withthe reduction of government power and technology advancements
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