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Lec 3 Unt 2

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Dr.

G B Sitaram Criteria to Select a Product

The selection of the right product is very essential for being successful in the business venture. Various factors influence the entrepreneur in selecting the right product. These decisive factors/ criteria are:9 9 9 9 9 9 9 9 9 9 9 Personal traits and experience of the entrepreneur Skilled & unskilled labour positions Availability of ready market Availability of raw materials & machinery Government policies- subsidies & incentives Scope for further expansion Demand projections Cost projections Competition Required investment Profitability etc

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