Omar, who is an amateur cook, recently started a firm to prepare what he believes is the first line of organic burgers in Saudi Arabia. Despite facing rejections from financial supporters, Omar continued with his desire to sell his organic burgers to as many people as possible, because he firmly believes in the merits of his products. Omar's story best illustrates which of the following characteristics of successful entrepreneurs?     A) tenacity despite failure     B) desire to gain financial rewards     C) execution intelligence

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Venture Development Process

To create a startup company around a licensed university technology is referred to as venture development. A venture development firm can assist entrepreneurs in identifying and developing a prospective commercialization strategy, be an incubator, test target market assumptions, recruit university and non-university innovative resources and talented team members, and obtain early-stage finance. Commercialization grants, internal and external small business owners, governmental and local finance systems, and private funds are all possible sources of funding. This activity, when combined with strong intellectual property resources, accelerates early commercialization efforts and better prepares university-affiliated business owners for other types of funding.