In the Context of Starting an Entrepreneurial Venture, the First

question 24

Multiple Choice

In the context of starting an entrepreneurial venture, the first formal step is to

• A) secure the finances.
• B) write a business plan.
• C) conduct an opportunity analysis.
• D) get others to support one's ideas.
• E) hire the right people.

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Definitions:

Consumer Surplus

The discrepancy in the total amount anticipated to be paid by consumers and the amount that is actually paid for a product or service.

Shipping Increases

A rise in the cost or amount required to transport goods from one location to another, potentially affecting trade and sales prices.

Decertification

The process by which a labor union is removed as the representative of the employees in a bargaining unit, typically through a vote by the employees.

Bargaining Agent

A labor union or individual representative designated to negotiate employment terms on behalf of a group of employees.