What are the three processes that entrepreneurs typically go through before they are able to identify an opportunity for a new business venture?
A)cost-benefit analysis,market research,and product development
B)networking,resourcing,and marketing
C)funding,team building,and resource allocation
D)idea generation,creativity,and opportunity recognition

Question

Quizplus · Accepted Answer

Before identifying an opportunity for a new business venture, entrepreneurs typically go through the processes of idea generation, creativity, and opportunity recognition. They first generate various ideas, then use creativity to evaluate and refine those ideas, and finally recognize which ideas have the potential to become a successful business venture. Cost-benefit analysis, market research, product development, networking, resourcing, funding, team building, and resource allocation are all important processes that may come after the identification of an opportunity, but they are not typically the first steps in the entrepreneurial process.

What Are the Three Processes That Entrepreneurs Typically Go Through