ENTREPR E NEURIAL PROCESSThe entrepreneurial process involves finding, evaluating, and developing an opportunity byovercoming the strong forces that resist the creation of something new.Phase 1: Identifying and Evaluating the OpportunityMost good business opportunities result from an entrepreneur being alert to possibilities. Somesources are often fruitful, including consumers and business associates. Channel members ofthe distribution system-retailers, wholesalers or manufacturer’s reps-are also helpful.Technically-oriented individuals often identify business opportunities when working on otherprojects. Each opportunity must be carefully screened and evaluated-this is the most criticalelement of the entrepreneurial process.a. The evaluation process involves looking atb. The creation and length of the opportunityc. Its real and perceived valued. Its risks and return.e. It’s fit with the skills and goals of the entrepreneurf. Its differential advantage in its competitive environmentIt is important to understand the cause of the opportunity, as the resulting opportunity may have adifferent market size and time dimension. The market size and the length of the window ofopportunity are the primarily bases for determining risks and rewards. The risks reflect themarket, competition, technology, and amount of capital involved. The amount of capital formsthe basis for the return and rewards. The return and reward of the present opportunity needs to beviewed in light of any possible subsequent opportunities as well. The opportunity must fit thepersonal skills and goals of the entrepreneur. The entrepreneur must be able to put forth thenecessary time and effort required for the venture to succeed. One must believe in the opportunityenough to make the necessary sacrifices.Opportunity analysis, or an opportunity assessment plan, should focus on the opportunity andprovide the basis to make the decision, including:a. A description of the product or serviceb. An assessment of the opportunityc. Assessment of the entrepreneur and the teamd. Specifications of all the activities and resources needede. The source of capital to finance the initial ventureThe most difficult aspect of opportunity analysis is the assessment of the opportunity.Phase 2: Develop a Business PlanA good business plan must be developed in order to exploit the opportunity defined.