INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No. Indirect competition isn’t something to worry about because they sell different products.
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No. Indirect competition is only important to understand if things change and it becomes direct competition.
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Yes. Indirect competition is important to understand, since the different product fulfills the same customer need.
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Yes. Indirect competition is important. Indirect competitors are competitors who compete in areas other than money, such as in hiring.
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Detailed explanation-1: -Which of the following ensures a good idea for a business is an actual business opportunity? The idea solves a unique or want in the market that group of customers is WILLING to buy.
Detailed explanation-2: -What is the difference between direct competition and indirect competition? Direct competition: is the competition among products that are similar. Indirect competition: is the competition between products or services that are not directly related to each other.
Detailed explanation-3: - Indirect competitors are those that do not offer exactly the same products or services but influence or affect the entrepreneur’s market share.
Detailed explanation-4: -Although you can choose to run your business as a sole proprietorship, partnership, corporation or limited liability company (LLC), in most cases the LLC will offer the most effective protection for both your personal assets outside the business and your investment in the business itself.