MANAGEMENT

Detailed explanation-1: -A complete picture of a business’s prospective customers is a. customer profile.

Detailed explanation-2: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.

Detailed explanation-3: -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-4: -Feasibility analysis is a comprehensive research study required by the entrepreneur or his agent to determine the practicability, profitability and viability of the business idea.