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Entrepreneural process paper - Essay Example
Pages 5 (1255 words)
Name Professor Institution Course Date Introduction The process of opening a business is referred to as the entrepreneur process. An entrepreneur has a crucial role of identifying a business opportunity and nurturing it to become a variable business. Developing a successful business is not an easy task since an investor has to adhere to a multi-step process consisting of four main phases in order to achieve his or her goals…
This therefore implies that every stage in the entrepreneur process is important for any business to succeed and entrepreneurs should have an understanding of the process before venturing in any business. Some stages in the process do appear to be more important than the other stages. The truth is that each phase is as important as other phases and that each phase must be completed in a systematic manner in order for the business venture to be a success. The first phase for implementation is identifying and evaluating a business opportunity. Secondly, the entrepreneur should develop a business plan then access the available resources to start the business and lastly manage the newly established business (Henry & De, 2011). Each of the phases is analyzed below in order of their importance. Identifying and evaluating a business opportunity The phase is also referred to as the business innovation model. This stage is viewed as the most important as no business venture can start without an idea. Identifying a opportunity is not that easy since an individual must analyze carefully identify an existing gap in the market (Baron & Shane, 2008). ...
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