ENTREPRENEURSHIP

Detailed explanation-1: -Reflection tasks – Stimulates thinking about their understanding and feelings as they progress through the entrepreneurial process. Achieving cognitive adaptability means: understanding the context before addressing an entrepreneurial challenge.

Detailed explanation-2: -Causal thinking means setting a goal and then acquire the resources needed to achieve it. Causal thinkers believe that “If I can predict the future, I can control it.” Effectuation unsettles traditional business planning and teaches another way of thinking.

Detailed explanation-3: -Researching and Verifying the Entrepreneurial Opportunity. Whether you start your own business, buy an existing business, or purchase a franchise, researching the industry, your target market, and examining the economic and funding options are all part of performing due diligence.

Detailed explanation-4: -The effectuation process starts with what one has and selects among possible outcomes. The casual process of thinking starts with what one has and selects among possible outcomes. Demographics, ethnic origin, and marital status are examples of segmentation variables.