Podcast
Questions and Answers
What is a crucial step in evaluating a new business idea?
What is a crucial step in evaluating a new business idea?
- Avoiding exposure to the target market
- Choosing the same product as existing competitors
- Limiting promotion and advertising
- Understanding competitors' strengths and weaknesses (correct)
Why is technical feasibility important in developing a new product?
Why is technical feasibility important in developing a new product?
- To ensure the product can meet customer needs (correct)
- To limit the testing process
- To avoid competition
- To delay the launch of the product
What is the significance of exposure to the target market for a new product?
What is the significance of exposure to the target market for a new product?
- It increases competitors' strengths
- It helps evaluate customer response (correct)
- It decreases the economic value of the product
- It simplifies promotion and advertising
How does knowing competitors' strengths and weaknesses benefit a prospective entrepreneur?
How does knowing competitors' strengths and weaknesses benefit a prospective entrepreneur?
What role does innovation play in the process of conceiving a new product?
What role does innovation play in the process of conceiving a new product?
Why should a new product be different from existing products in the market?
Why should a new product be different from existing products in the market?
What is the first step that a new entrepreneur should take before venturing into a business?
What is the first step that a new entrepreneur should take before venturing into a business?
When evaluating a business opportunity, what should an entrepreneur focus on regarding market analysis?
When evaluating a business opportunity, what should an entrepreneur focus on regarding market analysis?
In strategic planning, what is an essential aspect that entrepreneurs should consider for innovation in product development?
In strategic planning, what is an essential aspect that entrepreneurs should consider for innovation in product development?
When selecting a business location, what factor should an entrepreneur prioritize for small entrepreneurs?
When selecting a business location, what factor should an entrepreneur prioritize for small entrepreneurs?
What is a key requirement for generating income from products or services in a business?
What is a key requirement for generating income from products or services in a business?
What should entrepreneurs focus on during environmental scanning to identify business opportunities?
What should entrepreneurs focus on during environmental scanning to identify business opportunities?
What determines the kind of business operation based on the text?
What determines the kind of business operation based on the text?
Which of the following is considered an external source of funds according to the text?
Which of the following is considered an external source of funds according to the text?
Why does a new product need customers' viewpoint before being launched according to the text?
Why does a new product need customers' viewpoint before being launched according to the text?
In product development, what is determined by quality and price according to the text?
In product development, what is determined by quality and price according to the text?
What type of analysis does the entrepreneur need to conduct to determine major users of a product?
What type of analysis does the entrepreneur need to conduct to determine major users of a product?
Which source of funds is mentioned in the text as coming from the starting entrepreneur's assets?
Which source of funds is mentioned in the text as coming from the starting entrepreneur's assets?
