Practice question · Put in order
Order the entrepreneurial process from first step to last.
- Earn profit or absorb the loss
- Launch and face uncertain market response
- Spot an unserved need in the market
- Design a product and business model to serve it
- Commit resources: hire, rent, and invest
Hints
- Spotting the opportunity has to come before committing resources to it.
- The reward can only arrive after the uncertain launch.
Show the answer
- Spot an unserved need in the market
- Design a product and business model to serve it
- Commit resources: hire, rent, and invest
- Launch and face uncertain market response
- Earn profit or absorb the loss
Why
Discovery → design → commitment → uncertain launch → residual reward: Kirzner at the start, Knight at the end.
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