If Expansion to Eastern Europe Does Not Materialize,Widget,Inc

question 29

Multiple Choice

If expansion to Eastern Europe does not materialize,Widget,Inc.'s backup plan is to expand to South America.This backup plan is an example of

• A)strategic plan.
• B)single-use plan.
• C)contingency plan.
• D)standing plan.
• E)trial-and-error plan.

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Definitions:

Entrepreneurial Process

Involves the steps of identifying an opportunity, developing a business plan, determining the required resources, launching the new venture, and managing its growth.

Economic Expansion

A phase in which a country's economy grows stronger, characterized by increased output, employment, and trade.

Social Mobility

The movement of individuals, families, or groups through a system of social hierarchy or stratification.

Self-Employed

refers to an individual who works for themselves, either by running their own business or offering their services as a freelancer or contractor.