Timmons (1994) in his study presents a three-dimensional model of practical application of a good idea:

Comprehensive evaluation of the opportunity;

Comprehensive evaluation of one's own expertise and inclination; and Comprehensive evaluation of the resources gathering process to maintain the launch of business venture.

Long and McMullan (1984) propose that application of a good idea depends on two processes; namely, elaboration and evaluation. Singh (1998) found that those entrepreneurs who spend more time studying the pros and cons of an idea before embarking on its application tend to set up fewer businesses than those who spend less time in the elaboration and evaluation phase. However, Singh (1998) points out that higher majority of successful entrepreneurs are those who spend more time in elaboration and evaluation.

1.4 Traits of entrepreneurs

Wright et al. (1997a) studied motivational drivers of entrepreneurs and found that entrepreneurs are primarily driven by either one or both...
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