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Entrepreneurial Process

The entrepreneurial process involves identifying opportunities, establishing a vision, persuading others, gathering resources, and creating a new venture or product. It has four main phases: 1) identifying and evaluating opportunities, 2) developing a business plan, 3) determining required resources, and 4) managing the resulting enterprise. Entrepreneurs must carefully screen opportunities, develop a thorough business plan, appraise their resources, and implement an effective management structure to control the growing business.

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4K views

Entrepreneurial Process

The entrepreneurial process involves identifying opportunities, establishing a vision, persuading others, gathering resources, and creating a new venture or product. It has four main phases: 1) identifying and evaluating opportunities, 2) developing a business plan, 3) determining required resources, and 4) managing the resulting enterprise. Entrepreneurs must carefully screen opportunities, develop a thorough business plan, appraise their resources, and implement an effective management structure to control the growing business.

Uploaded by

Balajir Cmy
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Entrepreneurial process

The entrepreneurial process involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.

Entrepreneurial process
Identify an Opportunity

Establish Vision

Persuade others

Gather Resources Create new venture, product or market Change/adapt with time

Identify an Opportunity
First mover advantage ,product identification and higher market credibility

Establish Vision
Dream of future, visualiization,big visions

Persuade others

Gather Resources Financial,operating,Human,Information

Create new venture, product or market

Change/adapt with time

The Entrepreneurial Process


The process has four distinct phases: (1) identification and evaluation of the opportunity (2) development of the business plan (3) determination of the required resources and (4) management of the resulting enterprise.

Identify and Evaluate the Opportunity


Opportunity identification and evaluation is a very difficult task. Most good business opportunities do not suddenly appear, but rather result from an entrepreneurs alertness to possibilities, or in some case, the establishment of mechanisms that identify potential opportunities.

entrepreneurs do not have formal mechanisms or identifying business opportunities, some sources are often fruitful: consumers and business associates, members of the distribution system, and technical people. Whether the opportunity is identified by using input from consumers, business associates, channel members, or technical people, each opportunity must be carefully screened and evaluated.

An opportunity assessment plan includes the following:


a description of the product or service, an assessment of the opportunity, an assessment of the entrepreneur and the team, specifications of all the activities and resources needed to translate the opportunity into a viable business venture, and the source of capital to finance the initial venture as well as its growth. :

The assessment of the opportunity requires answering the following questions


What market need does it fill? What personal observations have you experienced or recorded with regard to that market need? What social condition underlies this market need? What market research data can be organized to describe this market need? What patents might be available to fulfill this need? What competition exists in this market? How would you describe the behavior of this competition? What does the international market look like? What does the international competition look like?

Developing a Business Plan


A good business plan must be developed in order to make use of the defined opportunity. This is very time-consuming phase of the entrepreneurial process. A good business plan is essential to developing the opportunity and determining the resources required, obtaining those resources, and successfully managing the resulting venture.

Determine the Resources Required


The resources needed for addressing the opportunity must also be determined. This process starts with an appraisal of the entrepreneurs present resources. Any resources that are critical need to be differentiated from those that are just helpful

Manage the Enterprise


After resources are acquired, the entrepreneur must use them to implement the business plan. The operational problems of the growing enterprise must also be examined. This involves implementing a management style and structure, as well as determining the key variables for success. A control system must be established, so that any problem areas can be quickly identified and resolved.

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