INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Conduct market research to assess the level of demand for the product.
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Visit all the competitors who sell similar products or services.
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Assess how much capital will be needed to finance the business.
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Create a business plan to understand how you intend to put your ideas into action.
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Detailed explanation-1: -Perform a market analysis One of the first steps to starting your own business is to gather information about your target customer base and your competition. Market research will provide insight into your strengths and weaknesses, as well as opportunities and barriers to business success.
Detailed explanation-2: -Do your research. You want to make sure you understand the industry you’ll be involved in so you can dominate. Determine your audience. Have a strong mission. Choose a structure. Map your finances. Understand your tax burden. Understand the risk. Put together a business plan. More items
Detailed explanation-3: -1) Plan carefully. Starting a business isn’t for the faint-hearted. 2) Research your market. 3) Expand with care. 4) It’s all down to you. Read these before you start your business. 23-Nov-2022
Detailed explanation-4: -Get Organized. To achieve business success you need to be organized. Keep Detailed Records. All successful businesses keep detailed records. Analyze Your Competition. Competition breeds the best results. Understand the Risks and Rewards. Be Creative. Stay Focused. Prepare to Make Sacrifices. Provide Great Service. More items