When developing an entrepreneurial plan there are many pitfalls when selecting a new venture. The things that make up the pitfalls are (1) lack of objective evaluation, (2) no real insight into the market, (3) inadequate understanding of technical requirements, (4) poor financial understanding, (5) lack for venture uniqueness, (6) ignorance of legal issues.
Along with the pitfalls comes the phases in starting the start-up business. In order to begin you must first have a "prestart-up phase". This begins with an idea for the venture and ends when the doors are opened for business. Second is the "start-up phase" were the commences with the initiation of sales activity and the delivery of products and services and ends when the business is firmly established and beyond short-term threats to survival. The third phase is "poststart-up phase". This phase lasts until the venture is terminated or the surviving organizational entity is no longer controlled by an entrepreneur. Below is a video detailing what are the assessing opportunities for an entrepreneurial.
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