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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distribution
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controlling
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implementation
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planning
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Detailed explanation-1: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth. These phases are summarized in this table, and the Opportunity Evaluation and Planning steps are expanded in greater detail below.
Detailed explanation-2: -Entrepreneurs must examine three areas-resources, organizational capabilities, and their personal roles-to evaluate their ability to carry out their strategies.
Detailed explanation-3: -The business planning process in entrepreneurship helps an entrepreneur identify exactly what needs to be accomplished to build the venture, and what human and financial resources are required to implement the plan. It is a planning tool that helps entrepreneur startups get where they are going.