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?

    <p>To be the core guide and direction of the entrepreneur</p> Signup and view all the answers

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

    <p>Building a team, developing products or services, and launching the business</p> Signup and view all the answers

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

    <p>To calculate the resources needed to establish the business</p> Signup and view all the answers

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

    <p>Scanning the environment for opportunities</p> Signup and view all the answers

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

    <p>Consumer preferences and interests</p> Signup and view all the answers

    What is the purpose of 'SCREENING THE OPPORTUNITY'?

    <p>To carefully select the best opportunity for further evaluation</p> Signup and view all the answers

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

    <p>Industry sources</p> Signup and view all the answers

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

    <p>To develop new ideas from various sources</p> Signup and view all the answers

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

    <p>To spot a business opportunity in a particular place</p> Signup and view all the answers

    What is the most important element in a compelling opportunity?

    <p>Solving a compelling problem, issue, need, or want</p> 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?

    <p>Seizing the opportunity</p> Signup and view all the answers

    What type of innovation occurs most frequently?

    <p>Technological innovations</p> Signup and view all the answers

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

    <p>Idea stage</p> Signup and view all the answers

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

    <p>Breakthrough innovations</p> Signup and view all the answers

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

    <p>To validate the work done in the previous stages</p> Signup and view all the answers

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