Mustafa has begun the planning process for his entrepreneurial venture. He has completed an assessment of his vision to operate a home-care service for the elderly, for which he feels there is a strong market. He has a good understanding of the availability of his own resources and his personal ability to manage the business. Now he is prepared to start compiling functional plans for marketing, finance, and human resources so that he can obtain the financing he will need to start. He is also contemplating how to develop the right reputation and create the proper networks to find employees and customers as well as get advice from fellow businesspeople. Which of the following formal stages of the planning process has Mustafa completed by assessing his vision, potential success, and himself?

Question

Quizplus · Accepted Answer

Mustafa has completed the opportunity analysis stage of the planning process by assessing his vision, potential success, and his personal abilities. An opportunity analysis involves examining the potential for success of a business idea and the entrepreneur's ability to manage the business. This stage comes before functional planning for marketing, finance, and human resources or creating a formal business plan.

Mustafa Has Begun the Planning Process for His Entrepreneurial Venture