Competitive Advantage Is a Necessary Ingredient for an Entrepreneurial Venture's

question 31

True/False

Competitive advantage is a necessary ingredient for an entrepreneurial venture's long-term success and survival.

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Definitions:

Adequacy of Consideration

Pertains to the fairness of the value exchanged in a contractual agreement, often examined in legal disputes over contract validity.

Legally Sufficient

Having the requisite form, substance, and detail to comply with the law and withstand legal scrutiny.

Past Consideration

Consideration for a contract that has already been provided before the agreement is made, not valid as consideration in most legal systems.

Services Provided

Tasks or activities that are performed for the benefit of another party, usually in exchange for compensation.