Answer to Question 1
When the entrepreneur's personal funds are insufficient, the entrepreneur will go to friends, family members, or to angel investors or incubators. Incubators usually provide support services, whereas angel investors and venture capitalists provide funds for a prospective online business. The business and business owners usually benefit greatly from these arrangements, but the funding sources are scarce and competition for funds is stiff.
Answer to Question 2
The first step is identifying a consumer or business need in the marketplace. Many businesses simply begin with a good idea about an innovative way to meet a need, even needs that are not yet recognized by customers. The second step requires investigating the opportunity. It is important to develop a business plan to determine the feasibility and viability of a business opportunity in the marketplace. In the third step, a determination is made about the business owner's ability to meet the need. Assuming that a realistic business opportunity exists, does the prospective business owner have the ability to convert the opportunity into success?
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