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What should be identified first before starting a business?

Answer and explanation

Correct answer: Customer need

A business creates value by meeting a customer need or solving a customer problem. Identifying the target customer and understanding the need helps the entrepreneur select an appropriate product, service, features, and value proposition. Decoration, an impressive name, or expensive furniture may come later and cannot replace demand analysis.

Related tags

Customer-NeedBusiness-IdeaMarketEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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