The Most Important Thing an Entrepreneur Does Before Launching a Venture

question 84

Multiple Choice

The most important thing an entrepreneur does before launching a venture is to complete a(n) ______________. This is a written document that summarizes a business opportunity and articulates how the identified opportunity is to be exploited.

• A) market strategy
• B) business plan
• C) financial projection
• D) feasibility study
• E) articulation of distinctiveness report

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Definitions:

Symbolic Thought

The ability to use symbols, objects, or words to represent something that is not physically present, fundamental in language development and creative thinking.

Object Permanence

The understanding that objects continue to exist even when they cannot be observed or heard.

Accommodation

In psychology, the process of modifying existing cognitive structures or beliefs to incorporate new information.

Egocentrism

A cognitive bias where individuals overemphasize their own perspective and cannot easily understand the perspective of others.