In Stage One of the McMullen-Shepherd Model

question 47

Multiple Choice

In Stage One of the McMullen-Shepherd Model:

• A)the entrepreneur decides whether or not there is an opportunity.
• B)the entrepreneur consults experts in the market area of interest.
• C)the entrepreneur decides whether the opportunity that exists is a match with their own knowledge and motivation.
• D)the entrepreneur engages in bricolage.

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Definitions:

Realization

The process of converting non-cash assets into cash or recognizing revenue when goods are sold or services are rendered.

Partnership Assets

All types of resources owned by a partnership that are used in its operations, including cash, property, and equipment.

Noncash Assets

Assets that cannot be easily converted into cash, including tangible assets like machinery and intangible assets like patents.

Personally Insolvent

A financial condition where an individual is unable to meet their debts or liabilities with their available assets or income.