INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A detailed description of the meaning behind the company’s name.
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The problems that the product or service solves or the demands it meets.
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How the product or service is different.
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Clear reasons why the potential customers and investors should care about the business.
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Detailed explanation-1: -Simply put, without customers, there is no business opportunity. You must find out if people would actually be willing to pay for your product idea and determine if there is any demand for it. Beyond that, it’s also important to determine how much people would be willing to pay for your product.
Detailed explanation-2: -Answer: Ideas are solutions to problems and are important providing creative spark for your business. Opportunities, on the other hand, are something (ideas, circumstances, situation) that can lead to a desirable and viable business. They may or may not originate from an idea.
Detailed explanation-3: -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-4: -Market Size. One of the most important factors when evaluating a business opportunity is market size. Relationships. Does the business opportunity come with some relationships? Ability to Manage Cash Flow. Next, you need to look at the ability to manage cash flow. Management Skillsets. Passion and Persistence. 17-Jan-2022