College students Jeff and Bill have an idea for a service business. They develop their idea, determine start-up costs, and approach their parents for a small loan. Their business is in which life-cycle stage?
A) entrepreneurial
B) collectivity
C) formalization and control
D) elaboration
E) none of the above

Question

Quizplus · Accepted Answer

Jeff and Bill are still in the early stages of developing their business idea, determining start-up costs, and seeking funding from family members. This indicates that they are in the entrepreneurial phase of the business life-cycle, where the focus is on developing and testing new ideas, and securing the resources needed to get started.

College Students Jeff and Bill Have an Idea for a Service