Ch1_2_3Homework dijon

Ch1_2_3Homework dijon - Dijon Layne MGS 4500 T 1 3:30pm...

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Dijon Layne MGS 4500 T 1- 3:30pm August 27, 2011 Homework for Chapters 1,2 & 3 1. As a field of business, entrepreneurship seeks to understand and recognize how opportunities to create something new arise. They also come along by discovery and are creations by specific individuals in which they are exploited and developed, in turn producing an array of effects. 2. The five phases of entrepreneurship are as follows: the first phase, recognition of an opportunity, is one’s potential to create something that is new or innovative. This “idea” emerges from many varying factors from technological and economical to political changes, in addition to compilation of many entities that already exist, forming a new concept. The second phase, deciding to proceed and assembling the essential resources. In this, following through recognition of the opportunity is done by simply moving forward with the concept and thinking about acquiring the necessary resources (basic knowledge, financial and human resources) to bring it into the market. This phase is the most critical, and will require a formal business plan in order to pursue the venture. The second phase is
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