Asked by Barrington Beckford on Feb 18, 2024
Verified
Lucas is directing his business to develop a new product to bring to market after believing he has identified a market opportunity.Which of the following behaviors is likely to mark him as a new entrepreneur rather than an experienced one?
A) applying for patents or copyrights on the new product
B) focusing on the fact that his new product has never been seen before in any market
C) being too cautious and staying in the planning phase too long before introducing his product to market
D) focusing too much on the ability of his new product to generate money
- Understanding the importance of protecting intellectual property by applying for patents or copyrights on the new product.
- Recognizing the novelty and uniqueness of the new product and emphasizing its differentiation from existing products in the market.
- Demonstrating a cautious approach by spending a significant amount of time in the planning phase before introducing the product to the market.
Verified Answer
SA
Stephen AdlerFeb 18, 2024
Final Answer :
B
Explanation :
Focusing on the novelty of a product without considering its market viability or competitive advantage is a common mistake among new entrepreneurs. Experienced entrepreneurs understand that a successful product must not only be unique but also meet a specific market need and have a sustainable business model.
Learning Objectives
- Understanding the importance of protecting intellectual property by applying for patents or copyrights on the new product.
- Recognizing the novelty and uniqueness of the new product and emphasizing its differentiation from existing products in the market.
- Demonstrating a cautious approach by spending a significant amount of time in the planning phase before introducing the product to the market.