Entrepreneurial Process Essay - 1031 Words

Entrepreneurial Process Ivy Harmon UOP Entrepreneurship in Healthcare HCS 567 K. Imlay May 13, 2012 Entrepreneurial Process Successful entrepreneurs tend to follow a multi-step process on four main elements to achieve their goals. These processes include identifying an opportunity, developing a business plan, determining the resources needed, and finally managing the newly developed enterprise (Hirsh, Peters, Sheppard, 2005). A clear understanding of the entrepreneurial process is an important step in understanding the functions of a business administrator or assessing if entrepreneurship is the right fit for an individual. The order of the entrepreneurial process is important for proper fulfillment and to improve the odds of†¦show more content†¦Although many entrepreneurs feel that the desire can be developed along the venture, typically it does not materialize. An entrepreneur must believe in the opportunity so much that he or she will make the necessary sacrifices to develop the opportunity and manage the resulting organization. Opportunity analysis, or what is frequently called an opportun ity assessment plan, is one method for evaluating an opportunity. It is not a business plan. Compared to a business plan, it should be shorter; focus on the opportunity, not the entire venture; and provide the basis for making the decision of whether or not to act on the opportunity. Step two is drawing up a business plan. The business plan is an important part of the entrepreneurial process. A well-planned business will have more chance to succeed, with all the other aspects of the company being equal. It is crucial for the entrepreneur to know how to plan his/her actions and lay out strategies for the business to be created. Step 3 is establishing resources needed and providing them. The entrepreneur should use his/her planning ability and bargaining skills to get to know the best alternatives on the financing market for their business, that is, which will offer the best-cost benefit ratio. Step 4 is to run the created firm. Running the company seems to be the easiest part of theShow MoreRelatedThe Entrepreneurial Process1267 Words   |  6 Pages The Entrepreneurial Process Many successful entrepreneurs tend to follow a process to develop their businesses. This process contains four stages toward achieving their dreams. The processes are identifying an opportunity, developing a business plan, assessing the need for resources, and finally developing a management program designed to achieve success. The entrepreneur must develop an understanding of this process as an important step. Developing an understanding of the entrepreneurial processRead MoreEntrepreneurial process paper1422 Words   |  6 Pagesis a process to follow when taking an idea that will later mold into a productive entity. Using a chisel a sculptor would go from a piece of wood to a beautiful finished product, using different techniques. Such is in the entrepreneurship world; ideas must be transformed using a particular process. This paper will look into the organization of planning, launching and building a venture. It is otherwise referred to as the entrepreneurial process. Describe the four steps of the entrepreneurial process Read MoreThe Stages Of The Entrepreneurial Process2056 Words   |  9 Pagessuccess. This principle is related to the myth that most entrepreneurial initiatives fail. Although failure do arise, other great ideas may be sparked as a result of those failures which may result in unexpected success in a different direction. 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