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The Entrepreneurial Process: Phases and Opportunities

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Questions and Answers

What is considered the most difficult phase in the entrepreneurial process?

Developing a business plan
Determining the capital needed
Running the business
Opportunity spotting and assessment (correct)

What is the goal of the opportunity spotting and assessment phase?

To transform the plans into action by building a team and launching the business
To identify a problem or opportunity in the market and develop innovative solutions (correct)
To calculate the resources needed to establish the business
To build a detailed roadmap for the venture

What does the business model outline in the business planning stage?

The team, products or services, and launch of the business
The resources needed to establish the business
The detailed roadmap for the venture
The target customer segments, value proposition, revenue streams, and cost structure (correct)

What is the purpose of the business plan?

To be the core guide and direction of the entrepreneur (C) Signup and view all the answers

What is the focus of the 'running the business' stage?

Building a team, developing products or services, and launching the business (A) Signup and view all the answers

What is the purpose of the 'determining the capital needed' stage?

To calculate the resources needed to establish the business (C) Signup and view all the answers

What is the first step in the process of seeking opportunities?

Scanning the environment for opportunities (C) Signup and view all the answers

Which of the following is NOT considered a 'MACROENVIRONMENTAL SOURCE' of opportunities?

Consumer preferences and interests (D) Signup and view all the answers

What is the purpose of 'SCREENING THE OPPORTUNITY'?

To carefully select the best opportunity for further evaluation (B) Signup and view all the answers

Which of the following is NOT considered a 'MICROMARKET SOURCE' of opportunities?

Industry sources (D) Signup and view all the answers

What is the purpose of identifying 'TALENTS, HOBBIES, SKILLS, AND EXPERTISE' as a source of opportunities?

To develop new ideas from various sources (D) Signup and view all the answers

What is the purpose of identifying 'LOCATION' as a source of opportunities?

To spot a business opportunity in a particular place (A) Signup and view all the answers

What is the most important element in a compelling opportunity?

Solving a compelling problem, issue, need, or want (A) Signup and view all the answers

What is the process of pushing through with the chosen opportunity and making the best out of it called?

Seizing the opportunity (C) Signup and view all the answers

What type of innovation occurs most frequently?

Technological innovations (C) Signup and view all the answers

What is the first stage in the product or service planning and development process?

Idea stage (D) Signup and view all the answers

Which type of innovation should be protected by patent, trade secret, and copyright?

Breakthrough innovations (D) Signup and view all the answers

What is the purpose of the test marketing stage in the product or service planning and development process?

To validate the work done in the previous stages (C) Signup and view all the answers

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