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 …show more content…
Ideas are floating around; however there are a big difference between an idea that responds to a need of a community, and one that does not respond to any demand. It all starts with an idea that is validated as a potential source of revenue. Once that determination is made, the nest step is to start planning around the idea, how to turn it into reality. That step of the process will include all the research which will guide the way to the next step of the venture. Any research will include the positive and negative points of the undertaken, which area needs to concentrate on while building the firm. Having a solid plan , the firm can be operational, however it should be periodically revised to assured proper execution of the plan. The final phase is to manage the venture, market research should be an ongoing part of the process, that will assure continuity of the venture. Understanding customer behavior is foundational of the venture (Center for Entrepreneurship and Innovation, n.d.). The elements are placed in the order following a logical step by step process, a venture starts from an idea that is analyzed and understood to be worthy of development and productive. That goes through a planning phase with supportive research analysis that guides to the nest step of the process. The idea is now reality and growing and maintained through continued market research. Described which elements are most important from an individual perspective From an
Starting a business, one may ask some questions to evaluate his or her ability to run a business successfully. An owner needs to question the finances, the challenges, the strengths, and weaknesses. First, the owners need to know finance: how much capital to startup business, what loans are available based on the business plan and financial statements, and how to keep up with profits and losses to determine the future of the business. Besides determining capital, the owners need to know what challenges they will face. Writing a well-executed business plan is the first challenge and important because it is a guideline to start business and to show lending institution or to attract investors for the business. Also, owners need to think who ideal customers are and who they can target to make a successful marketing strategy. Moreover, they have to think about their competitions because no business operates without competition whether it is direct or indirect. The competition has a significant impact on customer’s buying decisions. In order to compete with their competitors, they have to know their strengths and weaknesses: Are their products unique? Is the product better than the competitors’? Is the price
Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.
Beginning a new business venture sounds like a easy task. All you need is a great idea, opportunity to select your team so you can begin to make some moves and find a few investors to invest in to this dream you have. Before you know it you are making a profit and moving onto a new location. Sounds easy but there is much more that goes into starting a new business than most people may know. To accomplish this, the business has to satisfy several objectives that exclusively add to the business. This paper will narrate some of the particulars of previous works from week two, three, and four with information such as the business and
After gaining enough knowledge on the types of business structure, business owners can proceed to the process so that their plans of owning a business will turn into reality. After reading several resources, the process will be divided into five stages. The first stage is the planning and research. This involves developing viable business ideas, knowing the target customers and possible competitors, searching for the right location, thinking what will be the business name, and marketing strategy. In this stage, a business plan should be made. Business Link (2016) refers, “business plan as a document that defines why you’re in business, your goals, and how to achieve those goals and it also covers all major aspects of the business, including
Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).
The intended audience for this piece of writing is struggling entrepreneurs. These employers or owners can belong to either big business or
Imagine you are hired by a new start-up company. You are tasked to recognize and explore a new business opportunity of creating a new product or service for your company. As part of your new business vision, you will create a business plan describing all keys elements of the business opportunity which will ultimately be presented to an executive team in a venture capital group for possible funding and execution.
CERTIFICATION OF AUTHORSHIP: I certify that I am the author of this paper and that any assistance I received in its preparation is fully acknowledged and disclosed in the paper. I have also cited any sources from which I used data, ideas or words, either quoted directly or paraphrased. I also certify that this paper was prepared by me specifically for this course.
Considerable confusion exists between entrepreneurship and intrapreneurship, as well as, innovation, creativity, and invention. First,
The business I am writing about is been in the news recently due to a few closures of some of their restaurants.
Entrepreneuring: efforts to bring about new economic, social, institutional, and cultural environments through the actions of an individual or group of individuals → emancipatory process with broad change potential. This view foregrounds three aspects: (1) seeking autonomy, (2) authoring, and (3) making declarations.
Secondly, by involving consumers in this stage of the innovative process, the businesses usually realize that although all innovative ideas have something to offer, not all of them are good enough to be actually implemented. The intelligence of a business is to identify and separate the ideas by selecting only the ones that are worth implementing. Every idea has its own set of benefits that it offers and a set of problem that comes with it. There is a certain monetary or brand image benefit associated with each innovative idea. Balancing all these factors, a business can decide if an idea is worth investing the time and money or not. One common method that businesses use in this situation is to collect consumer feedback while screening
Before starting a business, entrepreneurs need to take and use the methods to generate creative ideas for product to be marketed and test new ideas. The methods are the focus group method, brainstorming, brainwriting and problem inventory analysis. These methods are best suitable for an organization that needs expansion in products or services