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Entrepreneurship - Essay Example

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The Entrepreneurial Process Introduction The entrepreneurial process consists of several steps that vary in their level of complexity and importance for different people and corporations. Success in the entrepreneurial process requires detailed research, market study, and constant follow-up of the latest trends…
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Download file to see previous pages... People decide to become an entrepreneur when they have sufficient capital in hand, the required resources and expertise available to them, as well as when they are ready to take risks because entrepreneurship can lead to both profits and losses depending upon the strategies adopted by the entrepreneur. Step 2: Developing successful business ideas Developing successful business ideas is the second step of the entrepreneurial process. There are numerous business ideas in the contemporary dynamic and technology driven market. In addition to the traditional variety of ideas that was always available to the entrepreneurs, entrepreneurs today can also choose between brick and mortar business and online business. It is advisable for the entrepreneurs to conduct a detailed market study before finalizing their business ideas. Step 3: Moving from an idea to an entrepreneurial firm Once the idea has been identified, the next step is to move it to an entrepreneurial firm. This is precisely the stage when the entrepreneurs decide whether they have to establish a brick and mortar business, an online business, or a combination of both. ...
in this step include identifying the target market consumers, studying their decision making processes, their motives and aspirations, designing of the product, identifying the suitable ways to develop it, and marketing the product. All of these factors are strongly related to management. Rank of the Four Steps of Entrepreneurship as per their Importance Each of the four steps discussed above are equally important in the entrepreneurial process since the process is incomplete and cannot lead to favorable results as long as any of the steps is missing. The decision to become an entrepreneur is the simplest step as all it takes is motivation and determination to make this decision, yet this step is no less important than any of the subsequent steps since it lays the foundation of the entrepreneurial process. Developing successful business ideas is just as important as the first step but is more complicated than it because it calls for the need of research and team work to arrive at the successful business ideas. Managing and growing the entrepreneurial firm is also equally important as the first two steps but is obviously more complicated than the preceding steps because establishing a firm takes the accumulation of many resources. Many people go through the first and the second step but stop at the second step and abandon their plans to continue because of the level of effort and practical work required in the third step. Likewise, managing and growing the entrepreneurial firm is very important and poses many challenges in front of the management. This is the most complicated step in comparison to all of the preceding steps because the real art is to survive in the business and sustain and grow it for a long time after the initial step of establishing the business has ...Download file to see next pagesRead More
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