Management Study Set 22
Quiz 4: Managing Entrepreneurially
According to One Study, Nearly Two-Thirds of Respondents Said That
According to one study, nearly two-thirds of respondents said that working in the same industry was the major source of ideas for a new venture.
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In evaluating an idea for an entrepreneurial opportunity, a commonly used, structured approach called a feasibility study analyzes the various aspects of a proposed venture.
Henrik wanted to launch a new business focusing on custom hockey stick manufacturing-allowing semi-pro hockey players access to similar custom technology that NHL players receive. His potential financial backers kept pushing him to clarify the cost-benefit to his customers since it meant charging 15 percent to 20 percent more for an off-the-shelf hockey stick. They wanted to know his value proposition.
Lily's feasibility study for her new web design company was loaded with extra details that most entrepreneurs don't seem to bother with. She was proud of the fact that it included a lot of supporting information that made the final document really thick-sure to impress her backers. This was an example of a good approach to doing a feasibility study.
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