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: -Idea Generation: every new venture begins with an idea. Opportunity Evaluation: this is the step where you ask the question of whether there is an opportunity worth investing in. Planning: Once you have decided that an opportunity, you need a plan for how to capitalize on that opportunity. More items
Detailed explanation-2: -Step1. The entrepreneur must show alertness to grab opportunities when they come. The opportunities must be carefully scrutinized and evaluated. The process of identifying opportunity involves identifying the needs and wants of the customers, scanning the environment, understanding the competitor’s policy etc.
Detailed explanation-3: -Stage 1: Inspiration and ideation. Stage 2: Execution. Stage 3: Scaling the business. Step 4: Reaching the top of the mountain. 07-Nov-2019