Provide an Appropriate Response

question 26

Multiple Choice

Provide an appropriate response.
-Evaluate cos

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Definitions:

Timmons Model

A model of entrepreneurship that emphasizes the dynamic balance between opportunity, resources, and team, as the three critical factors in successful venture creation.

Bootstrapping

A method of starting a company using personal finance or operating revenues with minimal outside investment, emphasizing cost-efficiency and lean operations.

Consumer Trends

Patterns or tendencies in consumer behavior that indicate how the choices and preferences of consumers change over time in relation to various factors like market conditions, technological advancements, and cultural shifts.

Product Diversification

This refers to the strategy employed by businesses to increase the variety of products or services they offer to expand into new markets.