If a Business Plan/venture Is Turned Down the First Time

question 10

Multiple Choice

If a business plan/venture is turned down the first time, the entrepreneur should

• A)feel defeated.
• B)revise, rework, and improve the plan.
• C)take it personally.
• D)change careers.

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Definitions:

Customer Dissatisfaction

The state of being unhappy or displeased with a product or service, often leading to complaints or loss of business.

TQM Tool

A methodology or tool used in Total Quality Management to improve the quality of products and processes by integrating all organizational functions and processes.

Benchmarking

The act of evaluating business operations and performance indicators against the standards of the industry or exemplary practices from different organizations.

Cause-And-Effect Diagram

A visual tool used to systematically identify and present the potential causes of a specific problem, often resembling the shape of a fishbone.