They will have to find the cheapest way to produce and advertise their product.
This will take some research but it can be a lot of fun.
An individual’s understanding may be increased by many approaches.
Two specific approaches are “macro” and “micro” views.
Entrepreneurial assessment approach involves qualitative, quantitative, strategic, and ethical assessments in regards to the entrepreneur, the venture, and the environment.
The multidimensional approach provides fewer distinct categories, giving it a more specific or detailed process approach to entrepreneurship.
LECTURE NOTES ENTREPRENEURSHIP: AN EVOLVING CONCEPT I. Taken from the French “entre prendre,” means “to undertake.” B.
An entrepreneur is an innovator or developer who recognizes and seizes opportunities; converts those opportunities into workable/marketable ideas; adds value through time, effort, money, or skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes the rewards from these efforts.
The approach is divided into the individual, the environment, the organization, and the process.
Before the chapter concludes with the summary, the key factors of entrepreneurship, entrepreneur, and entrepreneurial management are briefly discussed.