ENTREPRENEURSHIP

Detailed explanation-1: -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-2: -During the discovery phase, an opportunity is identified and evaluated. It is critical because it sets the stage for developing a business plan, procuring the required resources, and establishing a new venture dedicated to the exploitation of that opportunity.

Detailed explanation-3: -An entrepreneur is an individual who creates and grows a business through their creative ideas. Entrepreneurs play key roles besides generating income as they grow their businesses. An entrepreneur identifies a commercial need in their community, crafts a business idea and takes the lead role to start their business.

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.