INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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opportunity
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perception
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niche
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market
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Detailed explanation-1: -The entrepreneurial process involves taking the steps to recognize a(n) interests and create a business for profit. One source for creative ideas for new businesses can come from people watching. Starting a new business entails more time and effort than opening a franchise.
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: -Entrepreneurial process can be defined as the steps taken in order to establish a new enterprise. It is a step-by-step method, one has to follow to set up an enterprise.
Detailed explanation-4: -Entrepreneurs discover opportunities when they search for them in the existing markets. This means that they observe technological, economic, or social trends. They observe the changing environment and events in their professional or daily life. They talk to people in their network. They search for gaps in the market.