INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Requesting that his staff support his decision
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Indicating that he doesn’t think he’s made a good decision
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Asking his staff to share the blame, if the action fails
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Accepting responsibility for his decision
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Detailed explanation-1: -One way to better understand a market’s opportunities is to conduct a market analysis, which is an analysis of the overall interest in the product or service within the industry by its target market to determine its viability and profit potential.
Detailed explanation-2: -An entrepreneurial mindset has been described as an “ability to rapidly sense, act, and mobilize, even under highly uncertain conditions” (Ireland et al., 2003, p.
Detailed explanation-3: -Researching and Verifying the Entrepreneurial Opportunity. Whether you start your own business, buy an existing business, or purchase a franchise, researching the industry, your target market, and examining the economic and funding options are all part of performing due diligence.
Detailed explanation-4: -The effectuation process starts with what one has and selects among possible outcomes.