The Entrepreneurial Process

What is a business plan?

• A document that outlines the financial status of a business.

• A roadmap of the business’s goals and objectives, and the strategy and details of how those goals and objectives will be achieved.

• A list of employees and their roles in the business.

• A marketing strategy for promoting products.

What does entrepreneurial discovery involve?

• Creating a business plan.

• The process of systematically scanning for technological, political, regulatory, social, and demographic changes to discover opportunities to produce new goods and services.

• Hiring employees for a new business.

• Selling products to customers.

Which stage of the entrepreneurial process is referred to as "Harvesting"?

• The 1st stage.

• The 2nd stage.

• The 3rd stage.

• The 5th stage.

What is the main focus during the "Harvesting" stage of the entrepreneurial process?

• Developing a business plan.

• Gathering resources.

• Evaluating if the company is a success or failure, and/or if it needs more time to prove itself.

• Marketing the product.

What is the 3rd stage of the entrepreneurial process called?

• Planning.

• Execution.

• Resourcing.

• Marketing.

What does the "Resourcing" stage involve?

• Creating a marketing strategy.

• Gathering together the necessary elements needed to start a business.

• Evaluating the success of the business.

• Scanning for new opportunities.

Which of the following is NOT a part of entrepreneurial discovery?

• Scanning for technological changes.

• Scanning for political changes.

• Scanning for social changes.

• Scanning for employee performance.

In which stage of the entrepreneurial process would you most likely create a business plan?

• Entrepreneurial Discovery.

• Resourcing.

• Harvesting.

• Planning.

Which of the following best describes the purpose of a business plan?

• To outline the financial status of a business.

• To provide a roadmap of the business’s goals and objectives, and the strategy and details of how those goals and objectives will be achieved.

• To list the employees and their roles.

• To create a marketing strategy.

Which stage comes immediately before "Harvesting" in the entrepreneurial process?

• Planning.

• Execution.

• Resourcing.

• Growth.