Understanding entrepreneurship - Explain the entrepreneurial process and describe its three key elements

5 important questions on Understanding entrepreneurship - Explain the entrepreneurial process and describe its three key elements

What are the 3 key elements of the entrepreneurial process?

1) The entrepreneur
2) The opportunity (involves generating ideas, screening and developing them)
3) Resources

Whether a team is necessary depends upon what two conditions:

- size and scope of the venture
- personal competencies.

The identified opportunity something the entrepreneur ca do and wants to do?

Entrepreneur opportunity fit
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Determine whether the resources needed to capitalize on the opportunity can be acquired?

opportunity resource fit

Once the resource requirements of the venture have been determined, the entrepreneurs assess whether he or she has the capacity is the?

entrepreneur resources fit

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