Entrepreneurial process is a process taken so as to establish a new enterprise. Entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch a new venture more effectively. If you need to be informed more on entrepreneurial process kindly go through this article. Also, you can contact customessayweriers for any assistance in entrepreneurial process services, either assignment or any other serves.
The five steps of the Entrepreneurial process
- Discovery. This is the first step in the entrepreneurial process. The entrepreneurial process starts with the identification of entrepreneurial opportunities. It is the idea generation where the entrepreneur identifies and evaluates the business opportunities. It`s usually a challenging task for an entrepreneur. An entrepreneur can seek inputs from technical people, channel partners, employees or consumers, magazines, and newspapers.
- Developing a business plan. Once an opportunity is identified, the entrepreneur creates a comprehensive business plan. A new venture needs to act as evaluation criteria to see if the organization is moving towards its set goals. Major components of a business plan are mission and vision, goals and objectives, capital required, and product and services description. In addition to that, issues and risks, costing and pricing, and profitability are also to be considered.
- Resourcing. This is the third entrepreneurial process; in this process, entrepreneur identifies the sources of finance and human resource.
- Managing the company. Once the capital is raise d, and employees are hire d, the next step is initiating the business to achieve the set goals. Some of the managerial duties are managing wholesalers and retailers, warehouse management, and formulating pricing policies.
- Harvesting. This is the last entrepreneurial process. The entrepreneur decides on the final process in terms of growth and development.
The entrepreneurial process is followed severally whenever an entrepreneur takes up a new venture.
Understanding the entrepreneurial process
Entrepreneurship can be defined as a process where individuals seek to use their talents, resources, and effort to create and grow ventures that capitalize on business opportunities. An entrepreneur passes through many stages when deciding and implementing the startup of a new business venture. This can be referre d to as the entrepreneurial decision process. The entrepreneurship process involves some critical stages, and they frequently overlap. The first stage is discomfort. Discomfort may be cause d by having a lousy job. Other factors include, desire to live somewhere else or seeking opportunity in another county, or desire to make a change in one`s occupation.
The second one is ideation. Ideation involves visualization, creation, and recognition of several ideas relating to the new lifestyle one wants. In addition, observing other successful entrepreneurs as role models also stimulates the dream of having one`s own business. Commitment is another critical point for a to-be entrepreneur. This is when one finally makes a final decision to start a new venture. It is usually formalize d by sharing your intention with close friends or even family members. Knowing what you want to do requires preparations and development. Most ventures are based on what someone has done or is doing at work or one`s hobby.
Finally, you are approaching a startup of a new venture. There are legal formalities to start a business; for instance, you will need a business license to produce and market your product. Sustaining the venture over the first two years is the most critical stage for new ventures. Understanding the entrepreneurial process and fundamental requirements of each stage will help in developing a sustainable business.
Important Elements of the entrepreneurial process
The most crucial element of being an entrepreneur is making the decision to be an entrepreneur and developing successful business ideas. Deciding on becoming an entrepreneur mostly involves a deep understanding of entrepreneurship. Developing successful business ideas help in recognizing opportunities as well as identifying the different approaches to generating ideas. Moreover, one is able to identify effective business models and plan as well as to conduct various feasibility analyses. However, the most important elements are moving from an idea to an entrepreneurial firm and growing and managing the firm. Laying the idea to a firm helps develop the ethical and legal foundations of a business and creates a new venture team. Another essential element of the entrepreneurial process for a firm is growing and developing the firm. This also includes franchising and the evaluation of challenges that limit growth.
Functions of an entrepreneur
An entrepreneur has four main functions.
Entrepreneurial functions are essential functions which are performe d by an entrepreneur to initiate a venture and growing it smoothly. The primary entrepreneurial functions are taking an initiative of starting a business, organization building, making decisions, bringing innovation, and risk-bearing.
Management is a distinct process that involves planning, organizing, and controlling performance to determine and achieve set objectives using resources. The importance of management function is that enterprises with good facilities and quality resources have floundered and fizzled out. This is because of either no or poor management as well as enterprises with good management. However, with inadequate facilities and resources that have flourished, the enterprise will perform exceptionally well. Managerial functions done by an entrepreneur can be classified into planning, organizing, staffing, or directing.
This involves identifying and selecting the most suitable business project. Promotional functions process is also describe d as opportunity scanning and identification. The entrepreneur also prepares a business plan which is just like an operating document. A business plan contains information such as the name of the intending entrepreneur, the name of the enterprise, human resources, and requirements for funds. Additionally, the entrepreneur also prepares finance requirements with its detailed structure, either long term or short term.
Commercial function is one of them involves production; once an enterprise is establishe d, he or she will starts producing goods and offering services. An entrepreneur decides involving factory site, design and layout, types of product to be produced, and design of the product. Equally important, the entrepreneur also involves in the marketing of goods and services offered by the business. The marketing activities are consumer research, product planning and development. Other activities include packaging, pricing storage, promotion activity, and distribution channel. Moreover, an entrepreneur also involves accounting activities in the business as this determines whether the business is making a profit or loss. Accounting is the act of recording, classifying, and summarizing in an orderly manner in terms of money, transaction, and events of a business.
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