Question

One question that is often asked by people thinking about launching an entrepre neurial venture is ‚äúwhat should first-time entrepreneurs know before they launch?‚äù based on information featured in this chapter, what should entrepreneurs know before they commit to launching their firm?

Answer 1

First-time entrepreneurs should know that startup firms are risky, they need to believe in their firm's potential, and they should have personal connections with investors and a strong business plan.

Step-by-step explanation:

Before committing to launching their firm, first-time entrepreneurs should know several things:

1. Startup firms are risky and may only be an idea on paper. Entrepreneurs need to be willing to work hard and believe in their firm's prospects.
2. Investing their own money in the firm demonstrates belief in its potential.
3. Angel investors and venture capitalists can provide advice and support, but entrepreneurs should know them personally and have a strong business plan.