Define Entrepreneurial Opportunity

question 31

Essay

Define entrepreneurial opportunity. Using one of the three success stories in the chapter, explain how the owners identified their opportunity.

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Definitions:

Unit-level Activities

Activities in cost accounting that vary with the number of units produced, such as operating machinery for each unit.

Departmental Unit

A division within an organization with specific responsibilities, often based on function, product line, or geographical area.

Overhead Costs

Expenses related to the operation of a business that are not directly associated with the production of goods or services, such as rent and utilities.

Batch Set-ups

The process of preparing and adjusting equipment and processes for a specific batch of production.