All of the Following Are Basic Elements in the Opportunity

question 14

Multiple Choice

All of the following are basic elements in the opportunity recognition process developed by Lumpkin, Hills and Shrader, except:

• A) Incubation
• B) Development
• C) Insight
• D) Elaboration

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Definitions:

Business Owners

Individuals who legally possess a company, assume major risks, and enjoy the benefits from its operation and growth.

Inventories

Quantities of goods or materials that a company holds for the purpose of sale or production at a given time.

Recession

An appreciable fall in economic activities spread throughout the economy, continuing for longer than a few months, typically observed in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced in an economy at constant prices.