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How do you build a product from scratch and ensure it is a profitable business?
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- If you are starting a business and your product is newly released in the market. If demand is low, what will you do (as the manufacturer or owner) to increase the demand and for your product to be known?How exactly has the use of internet technology contributed to the development of a certain company function or procedure, and how exactly has this occurred? Could you provide an example and analyse the product's potential in terms of its economic value?Do you think the operation of your business will be successful without using a particular method? Why?
- Why is the business model of one company can be the same or different from other companies?Create 150 questions like the following for a pastry shop: Do you have the financial capacity for this type of business? Do you have the raw materials available and nearby? Do you have qualified labor available? Is labor expensive? Do you have the technology you require available? Is it necessary to dedicate a lot of time and effort? Do you have skills to manage this type of business? Is the business idea innovative? Is it easy to sell the product? Are there government policies or franchises or subsidies for your product or activity?How would you consider acquiring a company that is already in the market like Kibbles and Bits?
- What is a product or service that you feel was almost made just for you? How do you think the entrepreneurs who designed it knew you would feel that way?Why should owners of confectionery business develop their product and how should this be done?Why is starting a business to solve a problem or need important?
- The concept of the Break Even Point helps the entrepreneur to assess the profitability and viability of the product or service offered. True or False?At what level does a business measure revenue and profitability? At the product/service level, at the business group level, at the organizational level, or all of the above?Is it really important for service businesses to invest in R&D? When it comes to manufacturing and logistics management, what should you be thinking about?