Module 2

Question 1

What is the first step in the Entrepreneurial Process?

Answer 1

Idea Generation

Initial stage of creativity and inspiration where entrepreneurs brainstorm potential solutions or innovations.

Question 2

What is the second step in the entrepreneurial process?

Answer 2

Opportunity Identification

Checking if the idea is realistic, profitable, and needed.

Analyzing market demand, competition, and potential customers.

Question 3

What is the third step in the entrepreneurial process?

Answer 3

Planning: Developing a business plan with goals, marketing strategies, financial forecasts, etc.

This guides how the business will operate and grow.

Question 4

What is the fourth step in the entrepreneurial Process?

Answer 4

Resource identification: Gathering resources like money (capital), people (human resources), and materials needed to start the business.

Question 5

What is the fifth step in the entrepreneurial Process?

Answer 5

Implementation : Actually starting the business, register it etc

Question 6

What is the 6th step in the entrepreneurial Process?

Answer 6

Harvesting the Venture

The entrepreneur reaps the rewards (profit, success) or may decide to sell, franchise, or close the business.