Miriam opened a yarn craft store in her small town based on her personal interests and hobbies. There were no competitors locally; the merchandise was readily available; and she had the initial capital to open the store. Yet her business failed. Too few customers visited her store. What was Miriam's fatal flaw?

Question

Quizplus · Accepted Answer

Miriam ignored market limitations by not conducting proper market research and evaluating the demand for her products in the local area. Just because the merchandise was readily available and there were no local competitors, it did not necessarily mean that there was a market for her products in that specific location.

Miriam Opened a Yarn Craft Store in Her Small Town