Opportunity recognition refers to the process of perceiving the possibility of a profitable new business or a new product or service. That is, an opportunity cannot be taken until it’s recognized.
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- Organic growth
Organic growth is refers to internally generated growth within a firm that does not rely on outside intervention. Almost all companies grow organically during...
Elaboration is the stage during which the creative idea is put into a final form: The details are worked out and the idea is transformed into something of value, such...
Insourcing is an approach that takes place when a service provider comes inside a partner’s facilities and helps the partner design and manages its supply chain.
- Sub franchisees
The people who buy franchises from master franchisees are typically called sub franchisees.
- Service corps of retired executives (SCORE)
Service corps of retired executives (SCORE) is a volunteer organization of over 3,000 retired higher managers who advise small-business owners in conjunction with Small Business Administration.
- Relevant industry experience
Relevant industry experience, experience in the same industry as an entrepreneur’s current venture that includes a network of industry contacts and...
- Organizational Feasibility Analysis
Organizational feasibility analysis is conducted to determine whether a proposed business has sufficient management expertise, organizational competence...