Which of the following combinations correctly reflects the entrepreneurial process in sequential order?
(A) Developing a business plan

(B) Identifying and evaluating an opportunity

(C) Determining and acquiring resources

(D) Managing the enterprise

Choose the correct answer from the options below:

Correct option is B

The correct entrepreneurial process involves the following steps in logical sequence:
1. (B) Identifying and evaluating an opportunity
· The first step is to recognize a viable market gap or problem to solve.
2. (A) Developing a business plan
· Once the opportunity is validated, a business plan is crafted to outline objectives, strategies, financials, and operations.
3. (C) Determining and acquiring resources
· Resources such as capital, manpower, materials, and technology are then secured to support the business plan.
4. (D) Managing the enterprise
· Finally, the entrepreneur moves into execution, monitoring performance, adapting strategies, and scaling operations.
Information Booster:
· The process is iterative and dynamic, but this sequence reflects the foundation of starting a venture.
· A strong opportunity evaluation can prevent resource wastage.
· A business plan acts as a blueprint, essential for investors and internal clarity.
· Resource mobilization and management are key entrepreneurial skills.