18 Questions
What is considered the most difficult phase in the entrepreneurial process?
Opportunity spotting and assessment
What is the goal of the opportunity spotting and assessment phase?
To identify a problem or opportunity in the market and develop innovative solutions
What does the business model outline in the business planning stage?
The target customer segments, value proposition, revenue streams, and cost structure
What is the purpose of the business plan?
To be the core guide and direction of the entrepreneur
What is the focus of the 'running the business' stage?
Building a team, developing products or services, and launching the business
What is the purpose of the 'determining the capital needed' stage?
To calculate the resources needed to establish the business
What is the first step in the process of seeking opportunities?
Scanning the environment for opportunities
Which of the following is NOT considered a 'MACROENVIRONMENTAL SOURCE' of opportunities?
Consumer preferences and interests
What is the purpose of 'SCREENING THE OPPORTUNITY'?
To carefully select the best opportunity for further evaluation
Which of the following is NOT considered a 'MICROMARKET SOURCE' of opportunities?
Industry sources
What is the purpose of identifying 'TALENTS, HOBBIES, SKILLS, AND EXPERTISE' as a source of opportunities?
To develop new ideas from various sources
What is the purpose of identifying 'LOCATION' as a source of opportunities?
To spot a business opportunity in a particular place
What is the most important element in a compelling opportunity?
Solving a compelling problem, issue, need, or want
What is the process of pushing through with the chosen opportunity and making the best out of it called?
Seizing the opportunity
What type of innovation occurs most frequently?
Technological innovations
What is the first stage in the product or service planning and development process?
Idea stage
Which type of innovation should be protected by patent, trade secret, and copyright?
Breakthrough innovations
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
Explore the phases of the entrepreneurial process, from opportunity spotting to business concept development. Learn about the challenges and strategies involved in entrepreneurship, including market opportunity identification and growth. Test your knowledge on key aspects of starting and growing a business.
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