Practicing Success
Which of the following steps in the process of entrepreneurship development will happen immediately after 'Development of product/source idea'? |
Appraisal by the funding agencies Project commissioning and launch Assessment of feasibility of the idea and preparation of a business plan Adaptation and management of growth |
Assessment of feasibility of the idea and preparation of a business plan |
The correct answer is Option (3) - Assessment of feasibility of the idea and preparation of a business plan. The process of entrepreneurship development is as follows- * Resource Mobilisation : The initial step involves securing the necessary resources for starting the business. This could include financial resources, human resources, technology, and other essential elements. Scanning the Environment for Entrepreneurial Opportunities: After securing resources, entrepreneurs typically scan the business environment to identify potential opportunities. This involves assessing market trends, customer needs, and gaps in the industry. Development of Product/Service Idea: Once an opportunity is identified, the entrepreneur develops a product or service idea that aligns with the identified market needs or opportunities. This step is crucial for creating a unique value proposition. Assessment of Feasibility of the Idea and Preparation of Business Plan: Before moving forward, it's important to assess the feasibility of the product or service idea. Entrepreneurs prepare a detailed business plan, outlining the market strategy, financial projections, and operational plans. Appraisal by the Funding Agencies: With a solid business plan in place, entrepreneurs seek funding from various sources. Funding agencies assess the viability of the business proposal and decide whether to provide financial support.
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