Which stage involves generating ideas, recognizing opportunities, and determining feasibility?

Which stage involves generating ideas, recognizing opportunities, and determining feasibility?

• A. Harvesting
• B. Discovery
• C. Concept Development
• D. Resourcing

Answer: (B)

This question focuses on recognizing opportunities and testing whether an idea can work. In this early stage, the entrepreneur generates ideas, scans the market for unmet needs or shifts that create opportunities, and evaluates whether the idea is feasible—can it be built, sold, and turned into a profitable venture with the resources available? This Discovery phase is about turning observations into a viable opportunity and deciding if it’s worth moving forward. Harvesting involves extracting value from an established venture, not finding new opportunities. Concept Development comes after feasibility is established and concentrates on turning the idea into a concrete product or service and a business model. Resourcing is about securing the people, money, and partnerships needed to pursue the venture.

This question focuses on recognizing opportunities and testing whether an idea can work. In this early stage, the entrepreneur generates ideas, scans the market for unmet needs or shifts that create opportunities, and evaluates whether the idea is feasible—can it be built, sold, and turned into a profitable venture with the resources available? This Discovery phase is about turning observations into a viable opportunity and deciding if it’s worth moving forward. Harvesting involves extracting value from an established venture, not finding new opportunities. Concept Development comes after feasibility is established and concentrates on turning the idea into a concrete product or service and a business model. Resourcing is about securing the people, money, and partnerships needed to pursue the venture.