Needs assessment is the process of identifying and evaluating the requirements, challenges, and preferences of target customers or stakeholders. Conducting a thorough needs assessment helps entrepreneurs tailor their products or services to meet market demands effectively.

Negotiation is the process of reaching mutually acceptable agreements between parties, such as vendors, partners, or investors. Strong negotiation skills enable entrepreneurs to secure favorable terms, forge beneficial partnerships, and navigate business transactions effectively.

Networking involves building and maintaining relationships with individuals and businesses to exchange information, advice, and opportunities. Effective networking helps entrepreneurs expand their professional connections, gain insights, and access resources that can support business growth.

A new venture refers to a startup or entrepreneurial initiative aimed at introducing innovative products, services, or solutions into the market. Launching a new venture involves identifying opportunities, developing a business plan, and executing strategies to achieve business objectives.

A niche market is a specific segment of the market that targets a unique set of customers with distinct needs and preferences. Focusing on a niche market allows entrepreneurs to differentiate their offerings, reduce competition, and better address customer demands.

An NDA is a legal contract that protects confidential information shared between parties, such as business ideas, trade secrets, or proprietary data. Entrepreneurs use NDAs to safeguard intellectual property and maintain confidentiality during discussions with potential partners or investors.