MANAGEMENT

Detailed explanation-1: -A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company’s product or service. Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.

Detailed explanation-2: -An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator.

Detailed explanation-3: -Which of the following ensures a good idea for a business is an actual business opportunity? The idea solves a unique or want in the market that group of customers is WILLING to buy.

Detailed explanation-4: -Everybody is a potential customer of a business venture. Business ventures under the direct supervision of the manager and not the owner fall within the strict concept of entrepreneurship. Government programs on entrepreneurship are mainly focused on small businesses.

Detailed explanation-5: -Entrepreneur: “A person who starts a business and is willing to risk loss in order to make money.” This is the Merriam-Webster definition open in new of the word “entrepreneur.” But it’s so much more than that, isn’t it? It’s about passion. It’s about recognizing opportunities and generating innovative, creative ideas.