MANAGEMENT

Detailed explanation-1: -A prototype is a functional, not final version of a product or service that businesses can use for testing, to solicit feedback, and to introduce to investors before officially launching to a wider market.

Detailed explanation-2: -Creating a prototype gives the business the opportunity to refine the original design to create a fully functioning product, eliminating any bugs in the design that was previously only a concept or on paper.

Detailed explanation-3: -A replica of a product as it will be manufactured, which may include such details as color, graphics, packaging and instructions. One of the essential early steps in the inventing process is creating a prototype–which, simply defined, is a three-dimensional version of your vision.

Detailed explanation-4: -One of the most critical stages of the entrepreneurial process is the development and testing of a business concept. The concept is tested by means of an analytical tool known as feasibility analysis, which tests the product/service, the customer, the benefits, and the distribution in the marketplace.