BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The five stages of opportunity recognition process include getting an idea, opportunity identification, opportunity development, opportunity evaluation, and team assessment. An entrepreneur must follow these stages effectively for a successful business.

Detailed explanation-2: -Opportunity recognition is a process wherein individuals and organizations actively seek out, as well as perceive, opportunities for new products and services. It could be likened to a constant state of brainstorming, where businesses are always on the lookout for ways to innovate or improve.

Detailed explanation-3: -Entrepreneurship is defined as the recognition of opportunities (i.e., needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures. The entrepreneur is a person who engages in entrepreneurship.

Detailed explanation-4: -Opportunity recognition is the process of identifying and selecting entrepreneurial opportunities. It does not involve the development of those ideas. The evaluation phase of opportunity recognition occurs when an entrepreneur has an insight about a new business venture, often based on prior knowledge.