ENTREPRENEURIAL OPERATIONS
CHAPTER 7 ENTREPRENEURIAL LEADERSHIP AND MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Chaos, Confusion
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Catalysts, Market
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Past, Future
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None of the above
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Detailed explanation-1: -“Entrepreneurs are individuals who recognise opportunities where others see chaos or confusion. They are aggressive catalysts for change within the marketplace.
Detailed explanation-2: -There are two ways to recognise opportunities. You can discover them or create them yourself. Entrepreneurs discover opportunities when they search for them in the existing markets. This means that they observe technological, economic, or social trends.
Detailed explanation-3: -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-4: -Speak to prospects you’ve lost. or potential prospects full stop. Talk to current customers. Competitor analysis. Understand the market. Explore indirect opportunities. Look at environmental factors. Analyse foreign markets. Investigate other industries. 05-Sept-2019