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Hummel is a line of figurines based on the artistic style of German nun Maria Innocentia Hummel and have become a collector's item. The Hummel figurines are almost uniformly "cute." Lukas, Felix, Anya, and Hannah sell Hummel figurines through the internet. Their willingness to sell price for one figurine is: Lukas $240, Felix $180, Anya $150, Hannah $130. Suppose the price of a Hummel figurine is $150, who will sell their figurine?
Start-Up Process
The sequence of steps that an entrepreneur takes to establish a new business, including idea generation, market research, business model development, and securing funding.
Entrepreneurship
The process of identifying opportunities for which marketable needs exist and assuming the risk of creating an organization to satisfy them.
Customer Base
Refers to the group of customers who repeatedly purchase the goods or services of a business.
Environmental Forces
External factors that influence a business's operations and decision-making, including economic, political, regulatory, technological, and social factors.
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