During the third step of the planning and organizing phase of an entrepreneurial venture, an entrepreneur ________.
A) selects an organizational design
B) creates a business plan
C) states a mission
D) selects a legal business organization form

Question

Quizplus · Accepted Answer

D) The first step of the planning and organizing phase of the entrepreneurial process involves identifying a mission for the organization. The second step involves creating a carefully thought out business plan that details how the organization will operate and who will be involved in its operation. The third step requires the entrepreneur to select an official legal form for the organization to manage tax and liability issues, making "selects a legal business organization form" the correct response. The final step in the process involves creating an organizational design for the venture that outlines how work will be carried out.

During the Third Step of the Planning and Organizing Phase