What could turn out to be risks of an entrepreneurial venture? Product failure Business failure Concept failure Any or all of the above
Question
What could turn out to be risks of an entrepreneurial venture?
- Product failure
- Business failure
- Concept failure
- Any or all of the above
Solution
Any or all of the above could turn out to be risks of an entrepreneurial venture.
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Product Failure: This happens when the product or service does not meet the expectations of the market. This could be due to poor design, lack of functionality, or simply because it does not meet a current need or want of the consumer.
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Business Failure: This is a broader risk and can occur due to a variety of reasons such as poor management, lack of funding, or an inability to compete in the market.
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Concept Failure: This occurs when the overall business idea or concept is not viable. This could be because the market is not ready for such a product or service, or because the business model itself is flawed.
So, all of these - product failure, business failure, and concept failure - are potential risks that could lead to the failure of an entrepreneurial venture.
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