INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following has the correct sequence of entrepreneurial process?
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Determining a capital needed-running the business-developing a business plan-opportunity spotting and assessment
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Opportunity spotting and assessment-developing a business plan determining a capital needed-running the business
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Running the business-determining a capital needed-opportunity spotting and assessment-developing a business plan
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Developing a business plan-opportunity spotting and assessmentdetermining a capital needed-running the business
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Explanation:
Detailed explanation-1: -In Opportunity Spotting and Assessment, you can use the 3S, for Seeking, Screening and Seizing. Seeking is to search for that right chance in business, which is to find the need for product or service. Screening is to check cautiously in order to select the best opportunity.
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.
There is 1 question to complete.