What Is One Thing an Entrepreneur Must Do with Regard

question 16

Multiple Choice

What is one thing an entrepreneur must do with regard to competition?

• A) Simply forget the competitors and do his/her own thing
• B) Assume there is no competition
• C) Anticipate and plan for competitive response
• D) None of the above

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Definitions:

Improve Productivity

The process of enhancing the efficiency and effectiveness of operations, typically by optimizing resources and workflow to produce more output with less input.

Long-linked Technology

Refers to the sequential process technology where the production process consists of a series of steps, each of which must be completed before the next can begin.

Interdependent Tasks

Tasks in which the output, performance, or results of one task depend on the input or performance of another.

Break-even Analysis

A financial calculation that determines the point at which revenues equal costs, resulting in neither profit nor loss.