This Is Typically the Second Step in the Initial (Pre-Planning)

question 78

Multiple Choice

This is typically the second step in the initial (pre-planning) phase of the entrepreneurial process.

• A) researching the venture's feasibility
• B) identifying potential opportunities
• C) exploring finance options
• D) pinpointing potential competitive advantages

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Definitions:

Independent Events

Two or more events where the occurrence of one does not affect the probability of the other(s).

Probability

A quantification of the probability that a given event will happen, usually represented as a numerical value ranging from 0 to 1.

Chess Set

A collection of game pieces of a specific design used to play the game of chess, typically including 16 pieces for each player, comprising a king, a queen, two rooks, two bishops, two knights, and eight pawns.

Probability

The quantification of the probability of an event happening, represented as a numerical value ranging from 0 to 1, with 0 signifying it cannot happen and 1 signifying it is certain to happen.