What is the first step in becoming an entrepreneur?
A) Deciding to proceed
B) Formulating a business plan
C) Identifying distinctive competencies
D) Searching for capital to invest
E) Implementing plans and opening
Answer: B
Explanation: B) After the would-be entrepreneur has defined a potential distinctive competence and made the decision to proceed, the next step is formulating a business plan in which the entrepreneur describes his or her business strategy for the new venture and demonstrates how it will be implemented.
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What will be an ideal response?
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