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10 Questions

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Entrepreneurial Process Overview

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Questions and Answers

What is considered the most difficult aspect of the entrepreneurial process?

Running the business

Developing a business plan

Opportunity spotting and assessment (correct)

Determining the capital needed

Which of the following is not considered a major source of opportunity as mentioned in the text?

Co-entrepreneurs' successes (correct)

Consumers

Glaring problems in the environment

New trends and developments in the environment

What is one of the aspects an entrepreneur should assess when evaluating an opportunity?

Market share analysis

Profitability potential (correct)

Employee satisfaction levels

Competitor's social media presence

Why are consumers considered reliable sources of opportunity information?

They are directly impacted by market needs Signup and view all the answers

What should entrepreneurs consider when assessing if an opportunity aligns with their personal goals and attributes?

Opportunity length and threats Signup and view all the answers

What is the primary purpose of an entrepreneur formulating a business plan?

To secure long-term sustainability of the business Signup and view all the answers

Why is it crucial for entrepreneurs to determine the capital needed for their venture?

To compare against current resources Signup and view all the answers

What should entrepreneurs consider when computing the resources needed for their business?

Consider real needs and potential inadequacies Signup and view all the answers

During which stage of the entrepreneurial process should an entrepreneur run the business?

After implementing the business plan Signup and view all the answers

What is the purpose of having a control and monitoring system in running a business?

To ensure plans are being implemented correctly Signup and view all the answers