INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify and analyze an opportunity to start or develop a business enterprise.
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Develop a business plan, which should include short-, intermediate-, and long-term goals for the business.
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Evaluate needed resources and to determine how to obtain necessary resources that could include capital investments of money, equipment, machinery, buildings, land, or other necessary items.
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Actual management of the enterprise that has been created.
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Detailed explanation-1: -Harvesting: The final step in the entrepreneurial process is harvesting wherein, an entrepreneur decides on the future prospects of the business, i.e. its growth and development.
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: -Stage 6: Maturity In the maturity stage, your venture has moved into the maintenance phase of the business life cycle. Entrepreneurs monitor how a venture is growing and developing according to the business plan, and its projections and expectations.
Detailed explanation-4: -Build Your Skill Set and Knowledge Base. No matter what, you want to start and stay curious. Build Your Network. No one ever succeeded alone. State Your Idea, Claim Your Niche. Find and Understand a Market. Design Your Business and Idea. Secure Finding. Build Your Business.