Mike Wants to Start His Own Laundry Service

question 83

Multiple Choice

Mike wants to start his own laundry service. However, he intends to first study the market and consider factors like who his competitors are, how they function, their market shares, how he can attract prospective customers, etc., before he decides whether his plan is viable. Mike is engaging in ________.

• A) benchmarking
• B) entrepreneurial risk management
• C) feasibility analysis
• D) exploitation
• E) angel investing

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Definitions:

Obstacles

Factors, objects, or conditions that impede progress or make it difficult to achieve an objective.

Length of Workday

The total number of hours an employee is expected to work within a single day.

Goal Commitment

The level of determination and attachment an individual has towards achieving a set objective.

Expected Rewards

Anticipated benefits or compensation individuals believe they will receive as a result of undertaking certain actions.