What Are the Two Most Important Considerations in Choosing an Idea

question 11

Multiple Choice

What are the two most important considerations in choosing an idea for a business?

• A) finding something you love to do and are good at doing; determining if your idea satisfies a need in the marketplace
• B) deciding if you have the resources to produce the good or service; estimating how much money you will be able to make
• C) securing financing; hiring the right people
• D) developing a business plan; leaving your full-time job so you have the time to devote to the new venture

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Definitions:

Demand

The consumer's desire and willingness to pay for a product or service, influencing its market price and quantity.

Transportation Model

A type of optimization model used to determine the most efficient distribution of goods or services from several supply locations to several demand locations.

Cells

In operations management, refers to a manufacturing or service area structured to work as a unit for the production of goods or delivery of services.

Destinations

The end points or locations to which goods, services, information, or individuals are directed or delivered.