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You have learned about opportunity recognition. It is equally important for the entrepreneur to also understand the implementation aspect and how to execute their idea. Once you understand your business model, it is time to think about how you will enter the marketplace and grow your firm. During entry, you must prove that your business model is viable and profitable. For example, you may ask the question, “Are our customers buying our product(s) at the prices we need to be profitable?
As you learn more about your customer and business, you’ll modify your original vision. Entry into the marketplace provides a platform to identify new opportunities and to reshape your business so that it is best positioned to grow and thrive. Thus, it’s wise to think about your growth strategy from the very beginning. Today that growth is more likely than ever to mean you’ll consider international expansion.
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