The Stages Of The Entrepreneurial Process

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.

Entrepreneurs use many tools to propel their endeavors. One of the tools that many entrepreneurs use is the innovation concept. The innovation concept is the development of new disciplines and practices within the frame work of the concept. Entrepreneurs bring about innovation through opportunities that are caused by change. Technology innovation, processes innovation, service innovation and product innovation are some of the ways that the opportunities within the innovation concept can be found. Each of these ways of finding opportunities happen in different ways.

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

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).

-During discussion, the teacher will gauge how the students are following along with the “Shark Tank” Presentation.

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.

The sources of new business ideas come from a variety of places. It could be from a problem that needs to be solved from a consumer, existing knowledge in a business and a vision to improve, or recognizing an alternative use for a new technology. While ideas are plentiful, the ability to bring that idea to fruition, and create a profitable business from it, is much more difficult.

Birth stage, in the birth stage an entrepreneur thinks about a business model, forms a management group to work with and then they form a business plan. The entrepreneur’s primary concern is securing funds for development and survival. At this stage, the organisation is a one man show with the founder/entrepreneur bearing all responsibility for development and management.

An opportunity is defined as a favorable set of circumstances that creates the need for a new product/service. Those favorable circumstances are: attractiveness, timeliness, durability, value creation.

- One who creates a new business in the face of risk and uncertainty for

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.

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

In my opinion the entrepreneurial school of thought has the following limitations which I have discussed below one by one.

2.2. Entrepreneurship - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5~6

initiative is to attract outside capital, given the lack of collateral and sufficient cash flows and the