CSEET · Economic and Business Environment · Entrepreneurship Scenario
In the entrepreneurial process, which of the following activities normally comes first?
Identifying and evaluating an opportunity comes first in the entrepreneurial process. The entrepreneur must confirm that a real market need exists before planning resources, launching the venture, managing operations or considering an exit. Later stages depend on the opportunity being viable.
- AIdentifying and evaluating an opportunityCorrect
- BLaunching the venture in the market
- CHarvesting or exiting the business
- DManaging day-to-day operations of the new firm
Explanation
The entrepreneurial process begins with spotting and judging an opportunity. Only after this does the entrepreneur plan resources, launch the venture, manage it and eventually harvest or exit. Launching or operating without an evaluated opportunity would be premature.
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