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A product feasibility analysis answers the question, “Are customers willing to purchase our goods and services?”

Generally, an industry is more attractive to new entrants when the advantages of economies of scale are present.

Specialized knowledge is an example of a barrier to entry.

In the business and industry profile section of the business plan, the entrepreneur should provide information on the size of the market, growth trends, and the relative economic and competitive strength of the industry’s major players.

Research shows that not everyone can be creative.

Which of the following is an effective method of collecting information about competitors?

An analysis that determines the degree to which a product or service idea appeals to potential customers and identifies the resources necessary to produce the product or provide the service is referred to as ________.

One of the major trends in franchising is the ________ of American franchise systems.

When the franchisor has the right to establish a semi-independent organization in a particular territory to recruit, sell, and support other franchises, it is known as a ________ franchise.

________ are the broad, long-range attributes the small business seeks to accomplish; ________ are the more specific targets for performance.