Answer to Question #189122 in Management for Apelele Paul

Question

Kate wants to start a small catering business in the area. She has already established that she has the necessary skills and abilities as well as the required resources to start the new venture. Which is the next step in the intrepreneurial process that she needs to follow?

Answer 1

Kate should consider conducting opportunity evaluation, which entails analyzing risks, market structure and feasibility of the business. This step is important in uncovering possible business risks and opportunities before the planning phase.