Skip to content

CSEET · Economic and Business Environment · Entrepreneurship Scenario

Which of the following is the step in the entrepreneurial process where the entrepreneur prepares a business plan and arranges the required resources after evaluating the opportunity?

Developing the business plan and determining resource requirements is the step that follows opportunity evaluation. The entrepreneur outlines the venture and arranges finance, people and assets. Idea spotting comes earlier, while selling or closing the business belongs to the final harvest or exit stage.

  1. ADeveloping the business plan and determining resource requirementsCorrect
  2. BSpotting the initial idea
  3. CSelling the business to realise returns
  4. DClosing the venture due to losses

Explanation

After an opportunity is identified and evaluated, the entrepreneur prepares a business plan and works out the finance, people and assets needed. Spotting the idea precedes this step, while selling or closing belong to the exit stage.

Did you get it right without looking?

One question tells you little. A timed set on Entrepreneurship Scenario shows your real accuracy, how long you take and where you lose marks.

Practise Entrepreneurship ScenarioFree diagnostic mock

More Entrepreneurship Scenario questions