In the context of starting an entrepreneurial venture, the first formal step is to
A) secure the finances.
B) write a business plan.
C) conduct an opportunity analysis.
D) get others to support one's ideas.
E) hire the right people.

Question

Quizplus · Accepted Answer

Conducting an opportunity analysis is the first formal step towards starting an entrepreneurial venture. This involves evaluating the feasibility of the business idea by researching and analyzing the market, competition, demand, and potential profitability. It helps the entrepreneur to identify opportunities, challenges, and potential risks associated with the venture. Once the opportunity analysis is done, the entrepreneur can then move on to securing finances, writing a business plan, hiring the right people, and getting support from others.

In the Context of Starting an Entrepreneurial Venture, the First