What is the first step in becoming an entrepreneur?

A) Deciding to proceed
B) Formulating a business plan
C) Identifying distinctive competencies
D) Searching for capital to invest
E) Implementing plans and opening

Answer: B
Explanation: B) After the would-be entrepreneur has defined a potential distinctive competence and made the decision to proceed, the next step is formulating a business plan in which the entrepreneur describes his or her business strategy for the new venture and demonstrates how it will be implemented.