The Entrepreneurial Process Introduction The entrepreneurial process consists of several steps that vary in their level of complexity and importance for different people and corporations. Success in the entrepreneurial process requires detailed research, market study, and constant follow-up of the latest trends…
People decide to become an entrepreneur when they have sufficient capital in hand, the required resources and expertise available to them, as well as when they are ready to take risks because entrepreneurship can lead to both profits and losses depending upon the strategies adopted by the entrepreneur. Step 2: Developing successful business ideas Developing successful business ideas is the second step of the entrepreneurial process. There are numerous business ideas in the contemporary dynamic and technology driven market. In addition to the traditional variety of ideas that was always available to the entrepreneurs, entrepreneurs today can also choose between brick and mortar business and online business. It is advisable for the entrepreneurs to conduct a detailed market study before finalizing their business ideas. Step 3: Moving from an idea to an entrepreneurial firm Once the idea has been identified, the next step is to move it to an entrepreneurial firm. This is precisely the stage when the entrepreneurs decide whether they have to establish a brick and mortar business, an online business, or a combination of both. ...
in this step include identifying the target market consumers, studying their decision making processes, their motives and aspirations, designing of the product, identifying the suitable ways to develop it, and marketing the product. All of these factors are strongly related to management. Rank of the Four Steps of Entrepreneurship as per their Importance Each of the four steps discussed above are equally important in the entrepreneurial process since the process is incomplete and cannot lead to favorable results as long as any of the steps is missing. The decision to become an entrepreneur is the simplest step as all it takes is motivation and determination to make this decision, yet this step is no less important than any of the subsequent steps since it lays the foundation of the entrepreneurial process. Developing successful business ideas is just as important as the first step but is more complicated than it because it calls for the need of research and team work to arrive at the successful business ideas. Managing and growing the entrepreneurial firm is also equally important as the first two steps but is obviously more complicated than the preceding steps because establishing a firm takes the accumulation of many resources. Many people go through the first and the second step but stop at the second step and abandon their plans to continue because of the level of effort and practical work required in the third step. Likewise, managing and growing the entrepreneurial firm is very important and poses many challenges in front of the management. This is the most complicated step in comparison to all of the preceding steps because the real art is to survive in the business and sustain and grow it for a long time after the initial step of establishing the business has ...
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(“Entrepreneurship Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
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(Entrepreneurship Essay Example | Topics and Well Written Essays - 1250 Words)
“Entrepreneurship Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.net/other/12461-entrepreneurship.
This paper has been designed for the purpose of undertaking an inclusive analysis of entrepreneurial traits in relation to a selected entrepreneur. The main purpose of the entrepreneurial analysis is to stimulate deeper personal awareness and reflection on a person’s intentions towards potential entrepreneurial journey.
Being driven by passion to succeed, entrepreneurs are always ready to face any risk that may arise in the course of their day to day business operations. To be an entrepreneur, one should be a risk taker with extensive capabilities to innovate. According to Nicolaou and Shane 17, an entrepreneur should be able to introduce new technologies, generate new products, and enhance productivity in his or her venture thus creating employment to other members of the public.
Entrepreneurship Reflection Essay Name Professor Institution Course Date Entrepreneurship Reflection Essay Over the past years, entrepreneurship had been perceived less important in the healthcare sector thus it received little attention. The barriers inherent in the culture and structure of healthcare organizations might have also been the main cause.
Business opportunities 10 1.1 Sales 11 1.2. Cost 11 1.3. Market share 11 1.4. Customer 11 C. Conclusion 12 Reference List 13 A.1. Introduction The entrepreneurship concept was propounded in the 1700s. At that time entrepreneurship meant only “starting of one’s own business” (Sobel, 2008).
Entrepreneurship has traditionally been perceived as an isolated process whereby the individual organizes resources and uses them for developing the new venture. However, various theories have highlighted the role of knowing individuals and argue that entrepreneurship revolves around whom you know.
After a thorough review of the history, the author takes the research to a further level by studying this link in context of the entrepreneurship. The author refers to the former research in this subject carried out by Sarasvathy et al.
e from the knowledge possessed by individuals or changes in the external world such as technology, demographic and social changes, and regulations by government. It can be exploited through creation of new product, opening new market, using new resources, new production