INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Do I have the drive to pursue this business opportunity to the end?
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Will I spend all my time, effort and money to make the business opportunity work?
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Will I sacrifice my exiting lifestyle, endure emotional hardship and forego my usual comforts to succeed in this business opportunity?
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All of the above
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Detailed explanation-1: -5-Point Test for Opportunity Screening Customer – Is the market real? Timing – is it big enough? Finance – Can it be profitable? Product – Can we differentiate?
Detailed explanation-2: -How did the idea for your business come about? What was your key driving force to become an entrepreneur? How did you come up with the name for your company? How did you raise funding for your venture? How do you build a successful customer base? More items
Detailed explanation-3: -economic trends. market trends. shifting or expanding customer base. changes in government or industry regulations. changes in partnerships or relationships with suppliers, competitors, etc. new or changing funding prospects (eg increase in grant funding)