ECONOMICS
ENTREPRENEURS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
To better obtain start-up funding from an investor
|
|
|
To create something no other business has ever created
|
|
|
To tell their customers what they really want and need
|
|
|
To understand how to make money fulfilling those wants and needs
|
Detailed explanation-1: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.
Detailed explanation-2: -Why have a target market? For your business to thrive you need to know who your customer is. Knowing your customers will help you to target customers who are willing to pay for your product or service. This is a much more effective and affordable way to reach your customers and generate business.
Detailed explanation-3: -A business plan is an effective way of communicating with potential investors, and the level of expertise and time used in preparing a business plan also gives professional credibility to entrepreneurs. It analyzes and predicts the chances of success for the investor and helps to raise capital.
Detailed explanation-4: -It will help you steer your business as you start and grow. Think of a business plan as a GPS to get your business going. A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan like a GPS for how to structure, run, and grow your new business.
Detailed explanation-5: -Importance to assess needs to identify a business opportunity. You must determine the needs and desires of the target market before you can execute your business idea. Money must be invested in the idea and if there is no need for the idea, the idea will not be successful.