INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What are the benefits of owning a business?
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Can the capital requirements to start the business make sense?
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Are there customers and a market of sufficient size to make the concept feasible?
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What is the definition of entrepreneurship?
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Detailed explanation-1: -Market Size: Research demographic statistics to find the population number of your segment. For example, if the market segment is U.S. college students, the market size is 20 million as research shows there are 20 million college students in the U.S.
Detailed explanation-2: -Market analysis includes quantitative data such as the actual size of the market you want to serve, prices consumers are willing to pay, and revenue projections, as well as qualitative data such as consumers’ values, desires, and buying motives.
Detailed explanation-3: -The correct option is d) Industry attractiveness It helps to analyze the profit of the future market. Industry attractiveness issue occurs when the organization is not earning profits as per the desired investments. It helps to analyze the firm’s overall risk by analyzing the various trends of the price in the market.