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Why Is a Field-Based Reality Check Important Before Writing a Full

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Essay

Why is a field-based reality check important before writing a full business plan? Give an example of the types of learning and validation a reality check can provide and why this important to know before pitching to investors.


Definitions:

Significance Level

The threshold of probability at which the results of a statistical test are considered significant, often denoted by alpha.

Product Recognition

The ability of consumers to identify a product or brand by its attributes, logo, packaging, or advertising.

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment.

Confidence Interval

A spectrum of numerical figures, from sample statistics, judged to potentially include the value of an unknown population attributive.

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