A Product Idea Is an Idea for a Possible Product

question 122

True/False

A product idea is an idea for a possible product a company can offer the market,while a product concept is a detailed version of the idea stated in meaningful consumer terms.

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Definitions:

Entrepreneurial Activities

Actions or tasks that are undertaken by entrepreneurs in pursuit of establishing, managing, and growing their ventures.

Profit Orientation

A business approach focused on maximizing financial gains.

Social Enterprising

Business activities that are primarily focused on meeting social objectives, where profits are often reinvested into social causes.

Timmons Model

A model of entrepreneurship that emphasizes the dynamic balance between the entrepreneur, the opportunity, and the resources needed.