The First Step of the Scientific Process for an Entrepreneur

question 95

Multiple Choice

The first step of the scientific process for an entrepreneur is which of the following?

• A)to conduct a thorough Internet search
• B)to develop the hypothesis
• C)to ask a lot of questions
• D)to analyze the data

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Definitions:

Organizational Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business or organization.

Cost Leadership

A business strategy aimed at becoming the lowest cost producer in the industry, allowing the company to undercut competitors on price while maintaining profitability.

Competitive Advantage

The unique attributes or capabilities that allow an organization to outperform its competitors, potentially leading to greater market share and profitability.

Recessionary Period

A phase in the economic cycle where there is a slowdown in economic activity, marked by reduced spending and increased unemployment.