Assignment 3 Semester 1 2026
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Due Date: April 2026
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1. Which stage of the entrepreneurial process involves transforming an idea into a
business?
1. Idea generation
2. Opportunity evaluation
3. Implementation
4. Market research
The implementation stage is where the entrepreneur moves from planning to action. It
involves setting up the business, acquiring resources, launching operations, and turning the
concept into a functioning enterprise. The earlier stages only focus on identifying and
assessing ideas, not executing them.
2. Which phase of the entrepreneurial process focuses on identifying market gaps?
1. Business planning
2. Idea generation
3. Growth phase
4. Resource allocation
Idea generation is the phase where entrepreneurs scan the environment, identify unmet
needs, and recognise opportunities in the market. This is where gaps are discovered before
any formal planning or execution begins.
3. A viability study primarily evaluates:
1. Profit potential of the business
2. Creativity of the idea
3. Number of employees
4. Marketing strategies only