According to the Life Cycle of Entrepreneurial Firms, the Birth

According to the life cycle of entrepreneurial firms, the birth stage signifies the stage in which the:

A) entrepreneur recognizes a niche in the market and formulates an idea to take advantage of it.
B) entrepreneur experiences the advantages of market success and financial stability.
C) entrepreneur faces the continuing management challenge of remaining competitive in a changing environment.
D) business model begins to work well, growth is experienced, and the complexity of managing the business operation expands significantly.
E) entrepreneur struggles to get the new venture established and survive long enough to test the viability of the underlying business model in the marketplace.