Scenario D.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 an opportunity analysis by assessing his vision, potential success, and himself. An opportunity analysis assesses the feasibility of a business idea by evaluating the industry, market, competition, and personal resources. Mustafa has considered the market demand for his home-care service for the elderly and his personal ability to manage the business, indicating that he has completed an opportunity analysis. However, he has not yet completed other formal planning stages such as a SWOT analysis, promotional plan, or business plan, although he is contemplating them.