Entrepreneurship·The Model of Entrepreneurship · NSSCO 1.2
The five-step model of entrepreneurship
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You might have a great idea buzzing in your head right now — selling kapana, printing T-shirts, opening a little car wash. But how does an idea in your head ever become a real, running business that earns you money? You follow a model: a clear, step-by-step plan. In this lesson we build the five-step model of entrepreneurship used throughout this course — idea generation, research and market research, financing, legal requirements, and running the enterprise — and see how it becomes the map for everything you will plan from here on.
What you'll learn in this lesson
By the end you should be able to (NSSCO Entrepreneurship 1.2):
- Describe the steps in this model of entrepreneurship (idea generation, research and market research, financing, legal requirements, running the enterprise)
- Describe the link between entrepreneurship and a model of entrepreneurship
- Apply this model in planning for starting an entrepreneurial venture
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