INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Having a business plan can minimize or eliminate risks.
|
|
|
A business plan can also minimize the cost of production
|
|
|
A Business Plan can also detect the weaknesses of the business operations.
|
|
|
Business plan doesn’t identify risk
|
Detailed explanation-1: -Time consuming is not a benefit of planning.
Detailed explanation-2: -It helps to define your target market(s), target customers and how you will promote and place your product / service to these markets / customers.
Detailed explanation-3: -The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.
Detailed explanation-4: -Product risk is the risk that the product can’t be created. Market risk is the risk that the market will develop differently than expected. People risk is big in companies that depend on having certain employees or certain kinds of employees. More items •11-Dec-2004