Entrep midterm

He stated that new information is important in explaining the existence of entrepreneurial opportunities.

This phase is actualizing the entrepreneurial mindset after opportunity recognition.

• conceptualizing phase

• critical phase

• final phase

Starting a business is a positive decision on the part of the entrepreneur to exploit entrepreneurial opportunities which are important and a worth-while endeavor.

• True

• False

Reasons for an Entrepreneur to have his/her own Business

A company which is recently formed where the founder establishes a completely new business from scratch.

• Buying an Existing Business

• Start-up enterprise

• franchising

The "owner of the company that already has a successful product or methods of doing business to others in exchange for an initial franchise fee or royalty payments".

• Franchising

• Start-up Enterprise

• Buying an Existing Business

Acquiring either the shares of an existing company or all the assets of an existing enterprise

• Start-up enterprise

• Franchising

• Buying an Existing Business

Factors to Consider Before an Entrepreneur can Actually Begin the Enterprise

It pertains to having a very good objective grasp of business; start right by "beginning with the end in mind".

• Good Network

• Focus and Direction

• Research and Development

• Degree of Risk

Building good relationships and working with other people could help start a business

• Focus and Direction

• Good Network

• Sources of Capital

• Legal Requirements

There are also businesses with restrictions which might give you difficulties in operation, like mining and quarrying .

• Degree of Risk

• Legal Requirements

• Availability of Resources

• Sources of Capital