We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Entrepreneural process paper - Essay Example

Comments (0) Cite this document
Name Professor Institution Course Date Introduction The process of opening a business is referred to as the entrepreneur process. An entrepreneur has a crucial role of identifying a business opportunity and nurturing it to become a variable business. Developing a successful business is not an easy task since an investor has to adhere to a multi-step process consisting of four main phases in order to achieve his or her goals…
Download full paperFile format: .doc, available for editing
Polish This Essay94.1% of users find it useful
Entrepreneural process paper
Read TextPreview

Extract of sample
"Entrepreneural process paper"

Download file to see previous pages This therefore implies that every stage in the entrepreneur process is important for any business to succeed and entrepreneurs should have an understanding of the process before venturing in any business. Some stages in the process do appear to be more important than the other stages. The truth is that each phase is as important as other phases and that each phase must be completed in a systematic manner in order for the business venture to be a success. The first phase for implementation is identifying and evaluating a business opportunity. Secondly, the entrepreneur should develop a business plan then access the available resources to start the business and lastly manage the newly established business (Henry & De, 2011). Each of the phases is analyzed below in order of their importance. Identifying and evaluating a business opportunity The phase is also referred to as the business innovation model. This stage is viewed as the most important as no business venture can start without an idea. Identifying a opportunity is not that easy since an individual must analyze carefully identify an existing gap in the market (Baron & Shane, 2008). At this stage, you identify a need that exists and formulate a model on how best you can satisfy the need. Entrepreneurs should answer questions on the existing market by conducting a market research. You should analyze the audience that is likely to purchase the product. Thereafter, you should carefully screen the audience’s feedback on acceptance or rejection of the new product. In case an entrepreneur wishes to introduce an existing product, he or she should analyze the existing competition and the market penetration strategies may be adopted. Additionally, at the identification stage, one should determine he or she would need patent rights to protect his or her innovation (Baron & Shane, 2008). Completion of the identification of a business opportunity paves way for evaluation of the opportunity. This is the most important element in the whole entrepreneur process as it will enable the entrepreneur decide on whether to venture into the new business or abandon it. It enables him or her to compare the projected returns and the required resources for the investment (Kuratko, 2009). The evaluation process accesses the duration of the opportunity, its perceived and real value, the returns and risks associated, whether the venture fits the goals and skills of the entrepreneur as well as its uniqueness in creating a competitive advantage in the competitive environment. The estimated market size and the duration in which the opportunity may exist provide the basis of accessing the rewards and risks. The risk reflects the capital employed, the market, technology and the competition involved. The capital required is often used as the basis for evaluating the returns and risks (Fayolle, 2007). A viable business opportunity should promise high returns than the amount of money invested and should have low risks. Additionally, it should be able to make higher returns in a short of time after establishment. The goals and personal skills of an entrepreneur should fit the opportunity. It is important that the entrepreneur dedicate his or her time and effort for the business to be a success. Although most people start a business and hope that the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Entrepreneural process paper Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Entrepreneural process paper Essay Example | Topics and Well Written Essays - 1250 words. Retrieved from https://studentshare.org/nursing/1466483-entrepreneural-process-paper
(Entrepreneural Process Paper Essay Example | Topics and Well Written Essays - 1250 Words)
Entrepreneural Process Paper Essay Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/nursing/1466483-entrepreneural-process-paper.
“Entrepreneural Process Paper Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/nursing/1466483-entrepreneural-process-paper.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Market Equilibration Process Paper
Demand often changes over a period of time and it is affected by multiple factors. There are multiple determinants of demand. However, I will discuss the most important ones in this paper. According to Cerebellum Corporation., & Sunburst Visual Media. (2009).Business basics series: Supply & demand.
2 Pages(500 words)Essay
EA Enables Process Paper
In fact, the enterprise architecture defines the way how information technology will be used in an organization to support the business operations and offer assistance to the business. Basically, enterprise architecture is a theoretical framework that outlines the entire structure and operations of a firm.
3 Pages(750 words)Essay
Mental Process Paper
Creative intelligence assists viewing new situations and plan strategies to resolve issues. Mental process is a procedure of thinking strategies to practically implement the designed plans. The mental process includes four styles of creative intelligence and five forces of mental model that play role during decision-making processes of the organizations.
4 Pages(1000 words)Essay
Communication Process Paper
Describe the communication climate in your organization as a whole. The communication climate in one’s organization could be described as manifesting an open communication pattern. This means that any member of the organization, from the lowest ranks to the higher echelons of the hierarchy, could send or receive messages without eminent barrier.
3 Pages(750 words)Essay
Dispute Resolution Process Paper
Dispute Resolution Process Paper Student’s Name, I.D. Name of the University Dispute Resolution Process Paper Introduction to the Dispute Resolution Process of My Organization The organization I have selected for this paper is a modern setup as a whole where each and every employee is important on an individual basis.
3 Pages(750 words)Essay
Teams in the organization are another important channel that provides the management with different ideas of achieving certain goals in the organization. The source of
2 Pages(500 words)Research Paper
Entrepreneural process paper
PESTEL analysis entails the analysis of external factors impacting the business i.e. political, economic, social, and technological, environmental and legal factors. The results of the analysis provide the
1 Pages(250 words)Essay
Policy Process Paper
The above institutions face a lot of setbacks that demand a solution for their smooth running (Clark, 2006). It is usually a bit complex to change the Criminal Justice system. However, it only becomes feasible when one clearly
3 Pages(750 words)Essay
Decision Making Process Paper
Therefore, a person has to make sure that there is a record of important decisions to make, or identify the right decision. The one time in life I had to make a personal and professional
1 Pages(250 words)Essay
Critical Process Paper
Companies got a chance to operate on different continents in different countries; people became closer and got engaged into virtual world creating their avatars in social networks. The speed of processes and
6 Pages(1500 words)Essay
Let us find you another Essay on topic Entrepreneural process paper for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us