INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The idea solves a unique need or want in the market that a group of customers is willing to buy.
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The idea is something that no one has ever thought of before
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The entrepreneur is really passionate about the idea
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The entrepreneur will have to spend a lot of money and time to implement the idea
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Detailed explanation-1: -Which of the following ensures a good idea for a business is an actual business opportunity? The idea solves a unique need or want in the market that a group of customers is willing to buy. Q. Which of the following should you NOT do when collecting and evaluating data on your market?
Detailed explanation-2: -There are three common types of businesses-sole proprietorship, partnership, and corporation-and each comes with its own set of advantages and disadvantages.
Detailed explanation-3: -A good example of a business opportunity in the market today is e-books. Amazon was one of the first companies in the online bookselling business who initiated an e-book reader that made it possible to read books by means of a digital device that looks more or less like a tablet pc.
Detailed explanation-4: -Scalable. Its price point aligns with the market’s. Availability of resources. Solves a problem. The market can accommodate the opportunity. The business opportunity can create relationships. The business matches your skills. The business will work in your location. More items •02-Jun-2021
Detailed explanation-5: -Identify Your Pain Points. When searching for potential market needs, start with yourself. Conduct Market Research. Another way to prove whether a business idea is viable is by conducting market research. Question Processes. 05-Apr-2022