INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a process which involves several stages from the awareness of an opportunity to the realization of a business idea
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small enterprise
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entrepreneurial process
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business entreprenuers
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trading entrepreneurs
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Explanation:
Detailed explanation-1: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.
Detailed explanation-2: -The opportunity identification stage can be divided into five main steps namely getting the idea/scanning the environment, identifying the opportunity, developing the opportunity, evaluating the opportunity and evaluating the team (Gartner et al, 1999:220; Ardichvili et al, 2003:108).
Detailed explanation-3: -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.
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