INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is opportunity creation?
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Developing a marketing strategy, building a team, and securing funding
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Testing concept feasibility, developing a business plan, and acquiring resources
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Finding customers, building a structure, and generating positive cash flows
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Establishing legal structure, branding, and pricing strategy
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Explanation:
Detailed explanation-1: -Opportunity creation is the process of developing and creating entrepreneurial opportunities, along with both the previously undefined or unknown means and ends of the opportunity, through the actions of an entrepreneur (Sarasvathy, 2001).
Detailed explanation-2: -The five stages of opportunity recognition process include getting an idea, opportunity identification, opportunity development, opportunity evaluation, and team assessment. An entrepreneur must follow these stages effectively for a successful business.
Detailed explanation-3: -Phases of the strategic marketing process include planning, implementation, and evaluation.
There is 1 question to complete.