INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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Launch, testing, developing, business plan, market research, brainstorming
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Brainstorming, launch, test, develop, business plan, market research
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Brainstorming, market research, business plan, developing the product/service, testing and launch
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Brainstorming, market research, developing, business plan, testing and launch
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Detailed explanation-1: -Idea generation (Ideation) Product definition. Prototyping. Initial design. Validation and testing. Commercialization. 01-Nov-2022
Detailed explanation-2: -The product life cycle is the progression of a product through 5 distinct stages-development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965. We still use this model today.
Detailed explanation-3: -Six steps to an effective business plan. Establish your mission. Analyse your SWOT. Develop a plan. Create a budget. Put it in writing. Make it a living document. …
Detailed explanation-4: -Step 1: Ideation. Ideation is the first stage of the product development life cycle. Step 2: Validation. Step 3: Prototyping. Step 4: Marketing. Step 5: Development. Step 6: Launch. Step 7: Improvement. 08-Feb-2023
Detailed explanation-5: -Brainstorm various ideas. Make a business plan. Look out for funds. Analyze market demand. Test your business idea. Prioritize scalability. Consider profitability.