Which of the following is the proper sequence for when a firm should develop a business model?
A) Preparation of the business model, initial validation of the business idea, opportunity recognition
B) Initial validation of the business idea, establishing a growth plan, preparation of the business model
C) Initial validation of the business idea, preparation of the business model, fleshing out the operational details of the firm
D) Opportunity recognition, fleshing out the operational details of the firm, preparation of the business model
E) Opportunity recognition, preparation of the business model, establishing a growth plan for the firm

Question

Quizplus · Accepted Answer

Before a firm can prepare a business model, they must first validate their initial business idea to ensure it has potential. Once this is confirmed, they can move on to developing a business model to outline their plan and strategies for success. Once the model is developed, they can then flesh out the operational details of the firm to ensure they can effectively execute their plan. Establishing a growth plan can come after the business model is in place. Therefore, the proper sequence is initial validation of the business idea, preparation of the business model, and then fleshing out the operational details of the firm.

Which of the Following Is the Proper Sequence for When