The Entrepreneurial Process

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

Studying business should help the individual to gain knowledge of how business in our nation and the entire world is conducted, developing in the areas of what business really mean and understanding the framework of business. Enhancing the knowledge base of business is essential in the pursuit of entrepreneurship endeavors. To be successful in business we must obtain clarity and understanding of the foundation of business and utilizing the framework business model, (Ferrell, Hirt & Ferrell, (2009 pg. 09). These tools are guaranteed to equip and arm the individual who is in pursuit of their business endeavors.

Bygrave and Zacharakis draws concept of entrepreneur close to heart of students. When I study this book, as well as I do my own research on my venture it makes sense to me. On the other hand, this book have reliable information-packed with unique resource to shows me how to identify good business opportunities, create a business plan, do financial projections, find financing, and manage taxes. Yet, this book also had other topics which include marketing, selling, legal issues, intellectual property, franchising, starting a social enterprise, and selling your business. These entire analyst, I find myself benefit from this book. The authors outline some fundamental assumptions supporting the belief that all entrepreneur venture should know before start up a business. The authors say “entrepreneurship is an iterative cycle between thinking and acting.” I find they statement is true. When I make the comparison of my bakery venture , I find myself far back compare to the rates the areas I do researches on it. But now I go through this book I think my idea of bakery was “widely used throughout the business world.” The authors pays particular attention to enlighten the entrepreneurs paths, they argue that it is important to prepare well business plan. I like these outlines which Bygrave and Zacharakis had developed:

Entrepreneurship is an excellent opportunity for individuals seeking the independence of running their own business. Starting a business can be a quite daunting task for anyone who is looking to do so. Potential business owners must be ready to invest much of their time and energy to the planning and startup phases of their business. Those activities include conducting research, creating a business plan, securing financing and marketing. Additionally, business owners also have to decide the type of business form that they would like to operate under. There are three main business structures in which entrepreneurs must establish their business.

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

To emphasize the need to have a well-developed business plan if one expects to move beyond the “embryonic stage” of a new business

First of all, students and young entrepreneurs should understand that they are not the first or the last, who do such business. That means that a lot of data - studies, advices, stories of successful and unsuccessful forerunners - could be found from a variety of sources. However, one should also understand that every business has its own path with own decisions, communications and methods of bypassing problems – each and every firm is always in its own set of circumstances that require specific actions. When one learns, steps can be repeated after someone, when one does a business, he/she takes a role of a trail blazer, who has to discover the essence. This is not the only concept an entrepreneur should understand and there are specially adopted programs, provided in various colleges, including Paul college at UNH, that allow students to develop their own businesses being guided by their instructors (Laura Hill).

The business-failure rate at 90 percent, which fluctuates when factoring in industry type, deters most entrepreneurs. For this, it is imperative to evaluate the overall opportunity cost when deciding to become a business owner. To produce a strong business plan, one must consider the following— the studying and surveying of the desired business’s market, legal requirements, start-up costs, and the business’s operations.

In a large enterprise, the effective management of business skills, requires planning. Planning is the development potential of an enterprise is critical. However, many small businesses do not recognize the need for long-term planning, because a small number of people involved in operations planning and decision-making process means that equal responsibility. However, the need to plan is as important in small businesses, because it is a big one. The importance of good management practices highlighted in this guide. In particular, it addresses the management responsibility of the external and internal environment.

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

This meant that Armscor had to progress quickly through the first two stages namely Entrepreneurial stage as well as the Collectivity stage. The Entrepreneurial stage is the formation stage whereby the organization is born; this is where the entrepreneurial idea comes to fruition. The biggest issue with the entrepreneurial stage is leadership, because when the number of employees reach a point excellent leadership is required to lead those employees. (teamtwinkies, 2017) Armscor did not face this problem off a lack of effective leadership as government kept a close eye on it. Progression to the next stage of the organizational life-cycle requires labour and capital, this also did not prove to be a stumbling

First step Idea is the most important stage that will get the other stage below it, have to think deeply and study the culture of the environment, Idea is not just any idea, but to have the power to attract, convince, and motivate people to do the idea. Second step having new ideas in history Entrepreneur is the person who is committed to undertaking the idea to become reality and idea need resources. Third

To begin a business, the business plan is essential to insure that my business can bring profit and minimize the risks of the business. Customers are more and more demanding on service qualities, price, and guarantees, after sale services. Arlette Measures, a health and business writer, states that, “creating a solid business plan is the first step toward success in your business venture. From obtaining funding to hiring employees to planning for expansion, a business plan can be your guide to keeping your business on track. Your business plan can keep you focused on your goals and keep you moving forward when faced with obstacles”. I

Usually authors refers to business plan usage as a documentation, a funding proposal for start-ups or in an established business projects, as a part of approval process of a collective decision making for (loans or source of capital justification) or an operational management tool (Stutely,2007). Others like Kuratko (2009) emphasised on business plan importance as it is the road map for entrepreneurs in their proposed ventures. From my experience during this course, I agree with all of the above but I see that business planning processes which give entrepreneurs the chance to know how to anticipate market behaviour such as cash flow numbers, product pricings and so on, are the first steps towards the business world. My group work helped me develop these processes through critical thinking, enhancing my writing skills, enabling creativity by exchanging experiences and brainstorming sessions. For example, I learned from Imran Hussein how to write in a more precise structure and also Alex Malygin influenced my perspective of creativity through his ability to persuade others with his arguments’ techniques even though language might be a barrier sometime. In this essay I will talk about my personal learning experience in developing business plans module starting from my theoretical understanding of business plan and then deployment of these theories into business plan of our project feedforthoughts. As apart of developing my critical thinking I will add an

Entrepreneurial life cycle is a series of stages in the survival of a business, from its scratch till present. This life cycle helps the entrepreneur to work in a systematic way and helps him to arrange the rite amount