ENTREPRENEURIAL PROCESS

Entrepreneurial Process

Entrepreneurial Process

Entrepreneurial process

The process to start a new company called entrepreneurial process (entrepreneurial process). The entrepreneur must identify, assess and develop the opportunity as a business. Process into these stages:

1.Identification and evaluation of the opportunity

2.Developing a business plan

3.Determining the resources required

4.Administration of the combined company

Although these stages follow a sequential flow, nothing can be done in isolation or can be completed without taking into account factors the next step.

Identification and evaluation of the opportunity

We begin by mentioning that your new product or service must meet a need. This phase is to identify how to meet that need and can occur in many different ways. Depends on the ability of the entrepreneur to be alert to the possibilities or may result from systematic mechanisms to identify opportunities ((Baines and Wheelock, 1998). Many entrepreneurs do not have formal mechanisms to identify a new business opportunity, but there are many resources that can be useful. To cite one example, the contacts he has developed throughout his career, people who specialize in some field of knowledge can help make innovations to existing products.

Developing a business plan

A business plan describes how you will go to the new company. This is the stage where most entrepreneurs fail, they rarely have a before and are not technically prepared for their development (Alvarez and Busenitz, 2001). In addition to providing a guide to develop the future business, the business plan is important to determine the resources required. It is essential for the development of the next steps.

Determining the resources required

This first step helps to account for the resources we have at present. Then help us to categorize resources in order of importance, distinguishing those that are critical to business performance of those who are only useful as well as measuring the risks that arise when resources are insufficient or inadequate.

Administration of the combined company

Once all the necessary resources are available, the entrepreneur must use them wisely to implement the business plan. Some entrepreneurs find themselves in trouble when your business starts to grow and have the ability to maintain the control required. It is at this point that the entrepreneurial process becomes a process of decision making.

Most important element from an individual perspective

As far as the most important part of the process is concerned from the individual perspective, Identification and evaluation of opportunity is the most critical one. To identify an opportunity and analyze its potential in ...