According to a study by the National Federation of Independent Business,the most common source of new product ideas for small business startups is
A)prior work experience.
B)personal interests and hobbies.
C)a chance happening.
D)existing records of a business.

Question

Quizplus · Accepted Answer

Prior work experience provides insight into the market needs and gaps in the industry, allowing entrepreneurs to identify potential opportunities for new products and services. Additionally, entrepreneurs may have developed expertise and knowledge in a particular field, enabling them to recognize areas where innovation is needed. Personal interests and hobbies may also lead to new product ideas, but they may not necessarily align with market demand or have a viable customer base. Chance happenings and existing records of a business may occasionally lead to new ideas, but they are less reliable sources compared to prior work experience.

According to a Study by the National Federation of Independent