ENTREPRENEURSHIP

Detailed explanation-1: -Ideation is the first stage of every entrepreneurial journey. The goal here is to identify and validate a profitable business idea. Here are three common ways entrepreneurs develop ideas: Considering what they’re passionate about.

Detailed explanation-2: -Planning: Once you have decided that an opportunity, you need a plan for how to capitalize on that opportunity. A plan begins as a fairly simple set of ideas, and then becomes more complex as the business takes shape. In the planning phase you will need to create two things: strategy and operating plan.

Detailed explanation-3: -Actualization: The stage in which the entrepreneur operates the venture and utilizes resources to achieve its goals/objectives. The stage in which the entrepreneur decides on venture’s future growth, development, or demise. A written description of the purpose of a company and the management’s philosophy.

Detailed explanation-4: -What is concept development? Concept development helps you evaluate your customers’ reactions to your product or service before your product launch. It is a structured way to develop an idea, see if customers like your idea, and determine what customer market is willing to buy it.

Detailed explanation-5: -Stage 1: Inspiration and ideation. Stage 2: Execution. Stage 3: Scaling the business. Step 4: Reaching the top of the mountain. 07-Nov-2019