When conducting research on a new entry:
A) the more information the entrepreneur has, the more difficult it is to focus on the consumer.
B) the entrepreneur must rely upon surveys more that market knowledge.
C) extensive research is expensive in terms of time and money.
D) lesser prior knowledge is advantageous since it minimizes the risk of entrepreneurial bias.

Question

When conducting research on a new entry: 
A) the more information the entrepreneur has, the more difficult it is to focus on the consumer.
B) the entrepreneur must rely upon surveys more that market knowledge.
C) extensive research is expensive in terms of time and money.
D) lesser prior knowledge is advantageous since it minimizes the risk of entrepreneurial bias.

Quizplus · Accepted Answer

Extensive research, while crucial for understanding the market and reducing risks, often requires significant investment in terms of both time and money. This can be a challenge for entrepreneurs who must balance the need for thorough research with resource constraints.

When Conducting Research on a New Entry