INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which is a method for tamping down the initial excitement of a potentially “winning” idea during the ideation stage?
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Build a simple prototype and show it to members of the target market.
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See if the idea still seems like a good one after a few days have passed.
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Consider how you would feel if you didn’t move forward with the idea.
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Ask yourself if the idea reflects your company’s mission and vision.
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Explanation:
Detailed explanation-1: -The entrepreneurs leverages on the information generated from the prospective customers. This stage validates the work done from the first three stages to measure success in the commercialization of the product or service. This stage is also called the “launch stage".
Detailed explanation-2: -Marketing strategy: This section describes how the company will attract and keep its customer base and how it intends to reach the consumer.
Detailed explanation-3: -Step 1 – Initial Idea Exploration, Identification and Assessment. Step 2-Idea/Concept and Scenario/Model Deliberation and Assessment. Step 3-Go/No-Go Decision. Step 4 – Business Plan Preparation and Implementation. Step 5 – Business Operations. Conclusion.
There is 1 question to complete.