The Process of Testing the Business Model on a Small

question 126

Multiple Choice

The process of testing the business model on a small scale before committing serious resources to launch a business that might not work is called:

• A)benchmarking.
• B)business prototyping.
• C)scaling.
• D)lean modeling.

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Definitions:

Single Area

Concentrating or focusing efforts, resources, or operations in one particular or specific domain or location.

Team Leaders

Individuals who are responsible for guiding, directing, and managing the dynamics and performance of a team to achieve set objectives.

External Environment

All outside factors and influences that impact the operations and success of an organization, including economic, legal, political, and social conditions.

Pay Increases

Adjustments made to an employee's salary to reflect performance, inflation, or changes in market rates.