The document outlines key criteria an entrepreneur should consider when selecting a product for their business venture, including their own experience and skills, the availability of labor, materials, and machinery, government policies, market demand projections, costs, competition levels, required investment, and potential profitability.
The document outlines key criteria an entrepreneur should consider when selecting a product for their business venture, including their own experience and skills, the availability of labor, materials, and machinery, government policies, market demand projections, costs, competition levels, required investment, and potential profitability.
The document outlines key criteria an entrepreneur should consider when selecting a product for their business venture, including their own experience and skills, the availability of labor, materials, and machinery, government policies, market demand projections, costs, competition levels, required investment, and potential profitability.
The selection of the right product is very essential for being successful in the business venture. Various factors influence the entrepreneur in selecting the right product. These decisive factors/ criteria are:Personal traits and experience of the entrepreneur Skilled & unskilled labour positions Availability of ready market Availability of raw materials & machinery Government policies- subsidies & incentives Scope for further expansion Demand projections Cost projections Competition Required investment Profitability etc