Entrepreneurial process paper
Just as taking raw material and transforming it into a work of art, there is a process to follow when taking an idea that will later mold into a productive entity. Using a chisel a sculptor would go from a piece of wood to a beautiful finished product, using different techniques. Such is in the entrepreneurship world; ideas must be transformed using a particular process. This paper will look into the organization of planning, launching and building a venture. It is otherwise referred to as the entrepreneurial process.
Describe the four steps of the entrepreneurial process The entrepreneurial process is a set of steps to follow when taking a business idea; those steps are the fundamentals that must be covered in any approach. The four steps of the entrepreneurial process are: Deciding to become an entrepreneur, Develop successful business ideas, Moving from one idea to an entrepreneurial firm, Managing and growing the entrepreneurial firm.
Deciding to become an entrepreneur The Internet is full with stories of entrepreneurs and their road way from contemplating opening their own business to achieving ownership. There is a similarity in the starting point of the business, it goes from an unfulfilled desire to bring an idea to reality to the production itself; whatever it may be. The idea is usually a desire that has been haunting for a long time. There is a point where it goes from being an idea to business plan, the beginning of a business venture (Lavinsky, 2011).
Develop successful business ideas This is the evaluation step where the question is asked if the opportunity, the idea is worth investing in. Would it be a lucrative venture, first start with a prospectus that is continually revised. The first question to answer is the idea a marketable opportunity, what will be the client base? Is there enough of that venture in the market? Is the idea unique, is there any similarity with any other ventures or businesses? In that case what would be the
Describe the four steps of the entrepreneurial process The entrepreneurial process is a set of steps to follow when taking a business idea; those steps are the fundamentals that must be covered in any approach. The four steps of the entrepreneurial process are: Deciding to become an entrepreneur, Develop successful business ideas, Moving from one idea to an entrepreneurial firm, Managing and growing the entrepreneurial firm.
Deciding to become an entrepreneur The Internet is full with stories of entrepreneurs and their road way from contemplating opening their own business to achieving ownership. There is a similarity in the starting point of the business, it goes from an unfulfilled desire to bring an idea to reality to the production itself; whatever it may be. The idea is usually a desire that has been haunting for a long time. There is a point where it goes from being an idea to business plan, the beginning of a business venture (Lavinsky, 2011).
Develop successful business ideas This is the evaluation step where the question is asked if the opportunity, the idea is worth investing in. Would it be a lucrative venture, first start with a prospectus that is continually revised. The first question to answer is the idea a marketable opportunity, what will be the client base? Is there enough of that venture in the market? Is the idea unique, is there any similarity with any other ventures or businesses? In that case what would be the
References: Duke: Center for entrepreneurship and innovation. (2009). The duke entrpreneurship manual. Retrieved from Duke: Center for entrepreneurship and innovation, Resource for Entrepreneur website. Lavinsky, D. (2011). Growthink. Retrieved from http://Growthink. (2011). Retrieved from http://www.growthink.com/content/deciding-become-entrepreneur Sheperds, M., Peters, D., & Hisrich, R. (2005). Identify and Evaluate the Opportunity. The entrepreneurial Process, Retrieved from www.sbaer.uca.edu/publication/entrepreneurship