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Question & Answer
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A startup team decides to launch a product based solely on a popular trend they noticed on social media.
An entrepreneur conducts market research, analyzes customer feedback, and iteratively adjusts their business model before launching their product.
A business owner invests in a new technology simply because a competitor is using it.
A team develops a business plan without consulting any data or potential customer insights.
Understanding the Answer
Let's break down why this is correct
It shows a step‑by‑step process: research, analyze customer feedback, then adjust the business model before launch. Other options are incorrect because The idea that a trendy social media buzz guarantees success is a misconception; Assuming a competitor’s technology is automatically suitable is a misconception.
Key Concepts
Learning-by-Thinking Methods
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Deep Dive: Learning-by-Thinking Methods
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Definition
Learning-by-thinking methods involve cognitive processes for decision-making in entrepreneurship. These methods help entrepreneurs analyze information, evaluate options, and make informed decisions based on rational thinking and analysis.
Topic Definition
Learning-by-thinking methods involve cognitive processes for decision-making in entrepreneurship. These methods help entrepreneurs analyze information, evaluate options, and make informed decisions based on rational thinking and analysis.
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