ENTREPRENEURSHIP

INTRODUCTION TO ENTREPRENEURSHIP

DEFINITION OF ENTREPRENEURSHIP

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
“Entrepreneur, know thy market well”. What does this simple reminder to the entrepreneur mean?
A
Alert all the time
B
Should exert all efforts to know the market he or she wants to exploit.
C
You will be able to reach your customer wherever they are
D
All of the above
Explanation: 

Detailed explanation-1: -Why is market research important for new business ideas? Market research should never be underestimated. Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors.

Detailed explanation-2: -Determine key market factors: Cost, Consumer Demographics, Challenges, Opportunities. When developing your market strategy, it’s important that you understand all the potential factors that contribute to your market.

Detailed explanation-3: -Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.

There is 1 question to complete.