What Are the Three Key Elements in the Entrepreneurial Process

question 203

Short Answer

What are the three key elements in the entrepreneurial process?
The entrepreneur, the opportunity, and the marketing plan
The marketing plan, the production plan, and the finance plan
The product (or service) plan, the entrepreneur, and luck
The entrepreneur, the opportunity, and the resources
The financing plan, the product (or service) plan, and luck

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Definitions:

Variances

The difference between planned or expected financial outcomes and the actual results.

Direct Materials

Raw materials that directly become a part of the finished product and can be easily traced to it.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of product units during a specific period under current or anticipated operating conditions.

Direct Labor Variances

The differences between the actual costs of direct labor and the standard or expected costs, used for budgeting and cost control.