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: -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-2: -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-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: -Which of the following is probably NOT an important point to include in a business pitch? A detailed description of the meaning behind the company’s name.