18 Questions
What is a crucial step in evaluating a new business idea?
Understanding competitors' strengths and weaknesses
Why is technical feasibility important in developing a new product?
To ensure the product can meet customer needs
What is the significance of exposure to the target market for a new product?
It helps evaluate customer response
How does knowing competitors' strengths and weaknesses benefit a prospective entrepreneur?
By devising effective promotion and advertising strategies
What role does innovation play in the process of conceiving a new product?
To differentiate the new product from existing ones
Why should a new product be different from existing products in the market?
To attract customer evaluation and feedback
What is the first step that a new entrepreneur should take before venturing into a business?
Know Product and Service
When evaluating a business opportunity, what should an entrepreneur focus on regarding market analysis?
Understanding the income levels of prospective customers
In strategic planning, what is an essential aspect that entrepreneurs should consider for innovation in product development?
Harnessing technical knowledge to change products
When selecting a business location, what factor should an entrepreneur prioritize for small entrepreneurs?
Rent and Space availability
What is a key requirement for generating income from products or services in a business?
Delivering customer satisfaction
What should entrepreneurs focus on during environmental scanning to identify business opportunities?
Analyzing competitors' strategies
What determines the kind of business operation based on the text?
Savings assets of the entrepreneur
Which of the following is considered an external source of funds according to the text?
Banks
Why does a new product need customers' viewpoint before being launched according to the text?
To understand the target market's needs and wants
In product development, what is determined by quality and price according to the text?
Product competitiveness
What type of analysis does the entrepreneur need to conduct to determine major users of a product?
Market demand analysis
Which source of funds is mentioned in the text as coming from the starting entrepreneur's assets?
Savings assets
Test your knowledge on seeking business opportunities, strategic planning, and business development. Explore ways to identify new ventures, utilize technical knowledge, and enhance entrepreneurial skills.
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