ENTREPRENEURSHIP

Detailed explanation-1: -Acquisition of a business that is already well-established in a market. Leasing rather than buying equipment / retail space to reduce fixed costs. Out-innovate existing firms (using high research intensity) Use of open-source rather than proprietary software to cut costs.

Detailed explanation-2: -Typical Barriers to Entry Economies of size-The need for a large volume of production and sales to reach the cost level per unit of production for profitability is a barrier to entry. Capital intensive-A large capital investment per unit of output in facilities tends to limit industry entry.

Detailed explanation-3: -Natural barriers to entry include monopolization and high startup costs, while artificial ones include predatory pricing and patents. Examples of sectors with industry-specific barriers to entry include finance, pharmaceuticals and oil and gas.