ENTREPRENEURSHIP

Detailed explanation-1: -Entrepreneurial decision-making factors The literature suggests that there are several factors that are taken into consideration when planning a new venture, including the idea itself, potential customer demand, the market gap, scalability, start-up costs and market attractiveness.

Detailed explanation-2: -New venture assessments requires investigation of economic, technical, legal and political factors to understand the impact of each on the new business. New venture assessments are used to discern the costs and benefits of establishing a new business.

Detailed explanation-3: -Entrepreneurs must examine three areas-resources, organizational capabilities, and their personal roles-to evaluate their ability to carry out their strategies.

Detailed explanation-4: -According to entrepreneurs, three factors are most important for enabling a company’s growth: access to markets, the supply of human capital (i.e. people with the right skills for the job) and access to funding.