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Spotting a Business Opportunity ­ Key Terms

Business ­ makes goods and services to create a profit

Entrepreneur ­ an individual with ideas skills, commitment, risk taking abilities
and passions to establish and maintain a successful business

Supplier ­ a business which sells or supplies products to another business

Customer…

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Price Sensitive ­ when price is very important in the decision of the buying of the
product

Market Map ­ a diagram that shows the range of the possible positions for two
features of a product

Gap in the Market ­ occurs when no other business is currently serving the…

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