INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Concept Development
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Discovery
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Resourcing
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Actualization
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Detailed explanation-1: -It is generally advisable to write a business plan as early as possible step in the entrepreneurial process of starting a new venture. A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals for entrepreneurial success.
Detailed explanation-2: -The “Five Stages of Entrepreneurship” is a simple framework that helps new founders to understand the entrepreneurship journey. The stages include ideation, planning, execution, scaling, and hypergrowth.
Detailed explanation-3: -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-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