ENTREPRENEURSHIP

Detailed explanation-1: -The Entrepreneurial Discovery Process is about prioritising investments based on an inclusive and evidence-based process driven by stakeholders’ engagement and attention to market dynamics.

Detailed explanation-2: -Entrepreneurs are important because they are willing to take risks to start new businesses, so they become the catalyst of the free enterprise economy. Most entrepreneurs fail, but some survive and a few even become wealthy.

Detailed explanation-3: -The entrepreneurial discovery process (EDP) is widely conceived as an inclusive, evidence-based process of stakeholder engagement that produces information about the potential for new activities, thus enabling effective targeting of research and innovation policy.

Detailed explanation-4: -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.