Entrepreneural process paper - Essay Example

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Entrepreneurs use various approaches to analyze market needs, encourage new-idea generation, and recognize business opportunities. Two of the most…
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Entrepreneurial Process Entrepreneurial Process Entrepreneurship can be defined as the art of initiating innovation and integrating it into a business situation for economic gains. Entrepreneurs use various approaches to analyze market needs, encourage new-idea generation, and recognize business opportunities. Two of the most crucial entrepreneurial approaches include SWOT and PESTEL analyses. 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 macro-environmental factors that the business should consider in analyzing the market needs for generation of new ideas and creation of more business opportunities (Jennings et al, 2013). This strategic tool is useful for understanding the external market growth or decline, position of the business, potential and the direction that the operations should take. However, the approach does not focus on the analysis of the internal business environment. The other approach that can be applied by the entrepreneurs is the SWOT analysis. It focuses on Strengths, Weakness, Opportunities and Threats of a nursing business venture. Entrepreneurs analyse the internal and the external business environments to understand the factors that are favourable or unfavourable for the business to achieve its objectives. Undertaking the SWOT analysis is eminent for the entrepreneurs to understand the future strategies that will be put in place for the improvement of the business processes in achieving the set objectives. SWOT analysis is the more effective of the two approaches because it analyzes both the internal and the external environments in identifying needs for new-idea generation and recognizing new business opportunities.
Jennings, P. D., Greenwood, R., Lounsbury, M. D., & Suddaby, R. (2013). Institutions, entrepreneurs, and communities: A special issue on entrepreneurship. Journal of Business Venturing, 28, 1, 1-9. Read More
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