Complete the following questions to check your understanding of the approaches to follow in Entrepreneurial Development as well as your understanding of the differences between the User and the Customer.
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Take a moment to read the following story and then decide if Muzi is taking the Problem Approach to developing his company or the Solution Approach to developing his company.
Muzi is has been working in plumbing for a long time. He has recently developed small rainwater harvesting tanks that can be attached to each other to form a much bigger tank. The smaller tanks click into each other like lego bricks and can be carried around and used in the garden. Muzi has recently patented his idea and is now looking to start a business. According to his estimates he will require a R500 000 loan to start his business. Muzi did not speak to any potential customers. He is convinced that customers will buy the product if they see it.
Which approach do you believe Muzi is taking in developing his company?