Answer to Question #319869 in Management for Gert

Question

Once an opportunity has been identified, defined and assessed as realistic and objective, the availability of resources needs to be evaluated. What is the next step in the entrepreneurial process?

a.   Compile a business plan

b.   Launch and manage the new Business

c.   Conduct a feasibility study

d.   Determine the activities and skills required

Answer 1

Compile a business plan

The next process in the business process after conducting a feasibility test is to compile a business plan. A strategic business plan is key in exploring the most feasible way of combining the identified opportunity and vital resources. entrepreneur who has explored a business opportunity and identified necessary resources must capitalize the opportunity by compiling a business plan serving as a roadmap.