Answer to Question #188479 in Economics of Enterprise for palesa

Question

Kate wants to start a small catering business in her area. she has already established the necessary skills and abilities as well as the required resources to start the new venture. Which is the next step in the entrepreneurial process that she needs to follow?

Answer 1

$$Solution$$

Kate needs to assess the opportunity in a very objective and definite way.

for example ;she should or can ask herself objectively the following questions including but not limited to :

• What are the conditions that have created a marketplace opportunity for my idea?
• Why do people want and need something new at this point in time?
• What are the factors that have opened up the opportunity?
• Will the opportunity be enduring, or is it a window that is open today but likely to close tomorrow?
• If I perceive an unmet need, can I deliver what the customer wants while generating durable margins and profits?