INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Conduct market research to determine whether the business opportunity meets a customer need or want
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Analyze national chains that are similar and model your store after it
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Talk to your cousin that shops at local stores
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Talk to a friend that has money to invest
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Detailed explanation-1: -Market research should never be underestimated. Many successful new businesses enjoy longevity because their owners conduct regular market research to understand their target market, identify consumer problems and pinpoint realistic competitors.
Detailed explanation-2: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
Detailed explanation-3: -Market Size. Relationships. Ability to Manage Cash Flow. Management Skillsets. Passion and Persistence. 17-Jan-2022
Detailed explanation-4: -Consumer segmentation. Purchase situation analysis. Direct competitor analysis. Indirect competitor analysis. Complementary product and service analysis. Diversification analysis. Foreign market analysis. Environmental analysis. 22-Nov-2022