Business Idea Assessment

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Questions and Answers

What is the first step in the process of assessing a business idea?

  • Go/No-Go Decision
  • Business Plan Preparation and Implementation
  • Idea/Concept and Model/Scenario Deliberation and Assessment
  • Initial Idea Exploration, Identification and Assessment (correct)

Where can new business ideas come from, according to the text?

  • Market research reports
  • Social media trends
  • Board room of an existing business (correct)
  • Competitors' strategies

What is the purpose of the five steps mentioned in the text?

  • To guarantee success in business ventures
  • To eliminate the need for efficient time management
  • To increase the chance of success in business development (correct)
  • To discourage the pursuit of new business ideas

What is Step 3 of the business development process?

<p>Go/No-Go Decision (B)</p> Signup and view all the answers

What does the text highlight about following the five steps for business development?

<p>They will not guarantee success but can increase the chance of success (D)</p> Signup and view all the answers

What is the purpose of Step 3 in the business development process?

<p>To make a Go/No-Go decision (D)</p> Signup and view all the answers

Where can new business ideas come from, according to the text?

<p>Past work experience (D)</p> Signup and view all the answers

What is the primary aim of following the five steps for business development?

<p>To increase the chance of success (D)</p> Signup and view all the answers

What is the focus of Step 1 in the business development process?

<p>Exploration, identification, and assessment of initial ideas (A)</p> Signup and view all the answers

What is the significance of Step 5 in the business development process?

<p>To focus on business operations (D)</p> Signup and view all the answers

Which step involves making a Go/No-Go decision?

<p>Step 3 (D)</p> Signup and view all the answers

Where can new business ideas come from according to the text?

<p>Past work experience (D)</p> Signup and view all the answers

What is the purpose of Step 4 in the business development process?

<p>To prepare and implement a business plan (A)</p> Signup and view all the answers

What does following the five steps of business development process increase?

<p>Chance of success (D)</p> Signup and view all the answers

What is the focus of Step 2 in the business development process?

<p>Deliberating on the idea/concept and model/scenario (A)</p> Signup and view all the answers

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