INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
change.
|
|
|
intuition.
|
|
|
speculation.
|
|
|
immobility.
|
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: -Opportunity recognition is a process through which entrepreneurs and businesses identify potential methods of growing their ideas or beginning new ventures.
Detailed explanation-3: -Opportunity Identification is the process of finding a need or problem in the market that can be addressed with a product or service. This is typically done through research, brainstorming, surveys, interviews and focus groups.