ENTREPRENEURSHIP

Detailed explanation-1: -Market: People with unsatisfied wants and needs who have both the resources and the willingness to buy.

Detailed explanation-2: -An entrepreneur combines the first three of these to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business. Entrepreneurs commonly face many obstacles when building their companies.

Detailed explanation-3: -Resources are items that people can use to make or obtain what they need or want. Examples of resources include money, fuel, and labor. Resources limit the number of needs and wants people can satisfy.

Detailed explanation-4: -By choosing to go with the concentrated marketing approach, companies focus on a smaller market segment that promises profitability. Once you understand your market segment, you can fine-tune your services, products, and prices to meet the specific needs of that targeted audience.