The third step in the initial (pre-planning) phase of the entrepreneurial process is ________.
A) exploring finance options
B) pinpointing potential competitive advantages
C) researching the venture's feasibility
D) identifying potential opportunities

Question

Quizplus · Accepted Answer

C) After identifying both a promising potential opportunity in the marketplace and competitive advantages you might have in developing this opportunity, the third step in the initial (pre-planning) phase of the entrepreneurial process involves gauging the feasibility of the project. This may involve estimating costs, assessing competitors, and generally evaluating whether or not the idea is actually realistic, making "researching the venture's feasibility" the correct response. The final step of the process, if other things check out, is to explore options for funding.

The Third Step in the Initial (Pre-Planning) Phase of the Entrepreneurial