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 physical item created to be used, such as a car, or phone.
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Something useful offered like cell phone service or haircut
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A presentation to explain a business idea.
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A brief visual presentation that shows the critical details of business products or services.
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Detailed explanation-1: -A product is any item or service you sell to serve a customer’s need or want. They can be physical or virtual. Physical products include durable goods (like cars, furniture, and computers) and nondurable goods (like food and beverages).
Detailed explanation-2: -Product classification. A product can be classified as tangible or intangible. A tangible product is an actual physical object that can be perceived by touch such as a building, vehicle, gadget, or clothing.
Detailed explanation-3: -Products that are bought by the end user are called consumer products. They include electric razors, sandwiches, cars, stereos, magazines, and houses. Consumer products that get used up, such as Nexxus shampoo and Lay’s potato chips, are called consumer nondurables.
Detailed explanation-4: -Capital goods, such as buildings, machinery, equipment, vehicles, and tools, are physical assets that a company uses in the production process to manufacture products and services that consumers will later use.
Detailed explanation-5: -Cars are one of the most familiar examples of a differentiated product. At their core, all personal cars are more or less the same-they’re used to help people travel locally, run on a few fuel options, and follow a basic engineering template.