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Leigh has created a technique for drying flowers that retains the vibrant color of certain flowering plants. Although out of style in the U.S., dried flower arrangements are still highly sought after in several European and Asian nations. It is difficult to preserve the ingredients that go into her formula for more than a month. She decides to partner with firms in other nations to make and sell the formula, but you suggest she license the formula to foreign companies and agree to royalties when they create the formula and sell it. Your advice makes better sense.
Entrepreneurial Team
A group of individuals with diverse skills and roles who come together to found and build a startup or new venture.
Outsourced
The practice of delegating certain job functions or tasks to external contractors or firms, rather than handling them internally.
Business Plan
A formal document that outlines a company's goals, strategies, market analysis, financial forecasts, and operational structures.
Analyze Opportunity
The process of examining potential opportunities to determine their viability and how they can be capitalized on effectively.
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