INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business whose goal is to provide a service rather than to make a profit, such as the American Red Cross.
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In which stage of the entrepreneurial process does the entrepreneur develop the business plan?
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The process of creating, promoting, and presenting a product to the consumers
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None of the above
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Detailed explanation-1: -Just as architects need building plans to construct a new building, entrepreneurs need business plans to create successful businesses. Developing a business plan helps you estimate costs, identify risks, and set up risk mitigation measures.
Detailed explanation-2: -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-3: -Concept of Entrepreneurship Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.
Detailed explanation-4: -Stage 1: Inspiration and ideation. Stage 2: Execution. Stage 3: Scaling the business. Step 4: Reaching the top of the mountain. 07-Nov-2019