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Explain how to assess opportunities to start new businesses.

February 14, 2023

The entrepreneurial spirit is considered one of innovation and risk-taking and is an essential component for success as in today’s dynamic and competitive global marketplace. While we often equate the concept outside of a traditional organization, it is finding its way inside. To fulfill their mission and goals, many organizations need to be innovative and proactive. To accomplish this, they are creating internal departments to manage the process and further address the internal and external challenges impacting their bottom line. Entrepreneurship and innovation can occur in products, services, and processes. Outcomes: Explain how to assess opportunities to start new businesses. Describe how managers of organizations can develop and foster entrepreneurship. Write an discussion on Identify some of the changes in the external environment that can provide business opportunity (technological discoveries, lifestyle and taste changes, and so on). Identify some important recent changes or current trends in the external environment and business opportunities they might offer and why.

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