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 similar business you want to be better than.
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A business with a percentage of the market share
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A business you plan to steal customers from.
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A business owned by someone you don’t get along with.
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Detailed explanation-1: -Market share is the percent of total industry sales that a company has. The higher the market share, the more sales a company has than its competitors in their given industry. Market share is an indicator of how large a company is and the amount of influence it has in its industry.
Detailed explanation-2: -Market Share is a Measure of Your Competitiveness Market share provides a way to measure how you are doing compared to your competition. It quantifies whether the execution of your strategies is producing business results.
Detailed explanation-3: -Definition: Out of total purchases of a customer of a product or service, what percentage goes to a company defines its market share. In other words, if consumers as a whole buy 100 soaps, and 40 of which are from one company, that company holds 40% market share.
Detailed explanation-4: -What is a good rate of market penetration? That really depends on the size, scope and nature of your business. The average rate of market penetration for consumer products can be anywhere between 2% and 6% of TAM. So if your market penetration is over 6%, you’re already doing better than most.
Detailed explanation-5: -What is an example of market share? If a business selling $20 million’s worth of a product in one year, and the total market is worth $40 million, the brand’s market share would be 50%.