A business idea may sound great in theory; however, it may not be easy to implement or be successfully received by the market. Develop a 3-4 page paper that includes a venture screening inventory and an evaluation of your business idea. First, design a venture screening inventory. What are the key components of the inventory? What questions need to be asked? Second, explore your business idea by using the inventory you created. Does it meet minimum criteria of providing a value proposition to customers, fitting with your skill bank and lifestyle requirements, appearing financially sound and providing more potential rewards than risks? Use two resources to support your key points.
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Many business ideas end being unsuccessful because entrepreneurs do not spend the needed time in evaluated and validating the conceived idea. Through venture screening, an entrepreneur is in a position to assess the idea effectively in order to ascertain its validity. Through screening inventory, the entrepreneur is also able to ascertain the likelihood of the idea ending up successful. Through the analysis, the person who has conceived the idea is also able to know the ways that he or she can use to improve on it in order to make it successful.
While looking at a business idea through venture screening, there are several questions that an entrepreneur is supposed to ask himself or herself. One of these questions is the feasibility of the …
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