Question

This is one of the best ways for entrepreneurs to deal with especially difficult work-related or personal problems.

Group of answer choices

a) consult relatives and family members

b) develop a network of trusted peers

c) read self-help books

d)consult trusted employees

Samovar has an idea for a new business. He is currently engaged in identifying potential competitors to determine what they offer, how they market their products, and what their competitive advantages may be. Samovar is ________.

Group of answer choices

a) conducting a SWOT analysis

b) applying for financing

c) generating ideas

d) conducting a feasibility study

Answer 1

1. b) Develop a network of trusted peers

It is considered as a best strategy to overcome both official and personal difficulties of an entrepreneur. The network may include family members, friends, colleagues and officials from other areas. By developing such team or network of peers the entrepreneur can consult and seek suggestions and instructions from them.

2. a) Conducting a SWOT analysis

A SWOT analysis is conducted for the purpose of identifying the strength, weakness, opportunities and threats pertaining to an organization. The above mentioned case is related to competitor analysis which comes under opportunity and threats analysis in SWOT.