In a case study, a startup successfully identifies a gap in the market and launches a product to fill it. What principle of entrepreneurship does this illustrate?
Practice Questions
1 question
Q1
In a case study, a startup successfully identifies a gap in the market and launches a product to fill it. What principle of entrepreneurship does this illustrate?
Innovation
Risk management
Market analysis
Resource allocation
Innovation is key in entrepreneurship, as it involves creating new products or services to meet market needs.
Questions & Step-by-step Solutions
1 item
Q
Q: In a case study, a startup successfully identifies a gap in the market and launches a product to fill it. What principle of entrepreneurship does this illustrate?
Solution: Innovation is key in entrepreneurship, as it involves creating new products or services to meet market needs.
Steps: 5
Step 1: Understand what a startup is. A startup is a new business that is trying to grow and succeed.
Step 2: Learn about market gaps. A market gap is a need or demand in the market that is not currently being met.
Step 3: Identify the startup's action. The startup found a gap in the market and created a product to fill that gap.
Step 4: Connect this action to entrepreneurship. Entrepreneurship is about finding opportunities and creating solutions.
Step 5: Recognize the principle illustrated. The startup's actions show that innovation is important in entrepreneurship, as it involves creating new products to meet needs.
