ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This final step is really straightforward: Just do it: Complete the daily actions, and then do something extra to accelerate your success plan. If you approach your plan and get butterflies in your stomach, either get over it or substitute an action that you’re comfortable with so you stay on course.

Detailed explanation-2: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.

Detailed explanation-3: -Conduct Market Research Another way to prove whether a business idea is viable is by conducting market research. This includes using industry research to define the competitive landscape and determine your target audience, as well as interviewing or surveying people who fit your target demographics.

Detailed explanation-4: -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-5: -Brainstorm various ideas. Make a business plan. Look out for funds. Analyze market demand. Test your business idea. Prioritize scalability. Consider profitability.