ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Entrepreneurship
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Technical Skills
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Independent Skills
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None of the above
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Detailed explanation-1: -There are five stages of the opportunity recognition process. They include; getting an idea, recognizing the opportunity, developing the opportunity, evaluating the opportunity, and assessing the team. An entrepreneur recognizes a business idea and a chance to make it economically viable.
Detailed explanation-2: -Entrepreneurship is the process of recognizing an opportunity, testing it in the market, and gathering the resources necessary to go into business.
Detailed explanation-3: -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-4: -Identify Your Pain Points. When searching for potential market needs, start with yourself. Conduct Market Research. Another way to prove whether a business idea is viable is by conducting market research. Question Processes. 05-Apr-2022