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1.5.5 Business choices & 1.5.6 Moving from entrepreneur to leader Typeit
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In business, the value of the next best alternative that has been given up is called the cost.
In business, there are many decisions to be made, but often both choices cannot be achieved so there will be a .
A business may need to decide between using a skimming or a penetration strategy when it launches a new product. It cannot do both, so there will be a trade-off or compromise.
A business may need to decide between spending the budget on sponsorship or money-off coupons.
A business may need to decide between using primary research methods and using secondary research methods to gather the data that it needs to provide new products.
An entrepreneur will need to decide on the of business when they start up. They cannot be a private limited company and a sole trader, so choices will have to be made, leading to a trade-off.
When the business first starts the entrepreneur will also need to decide on the choices of that will be sold or the type of service that will be provided.