Asked by Ryan Matthew McCarthy on Apr 27, 2024
Verified
It is typically easier for new businesses to change their business model because new businesses ______.
A) have the capital to fund such changes
B) have not yet formulated a business plan
C) have no competitors
D) tend to be smaller and more agile
Business Model
A company's plan for making a profit; it identifies the products or services the business plans to sell, its targeted market, and any expected expenses.
New Businesses
Refers to start-up companies and ventures that have recently entered the market, focusing on developing their product or service.
Agile
A methodology emphasizing flexible, iterative development, where requirements and solutions evolve through the collaborative effort of self-organizing and cross-functional teams.
- Comprehend the significance and approaches of modifying business models to align with market dynamics.
Verified Answer
RK
rakshya khati
Apr 28, 2024
Final Answer :
D
Explanation :
New businesses tend to be smaller and more agile, which means they can pivot and change their business model quickly without facing the bureaucracy or red tape that larger and more established companies might encounter. This also means they may have fewer sunk costs and less invested in their initial business plan, making it easier to adjust their strategy if needed.
Learning Objectives
- Comprehend the significance and approaches of modifying business models to align with market dynamics.