Entrepreneurship
and the entrepreneurial process, explain.
Answer:
Entrepreneurship:
It is the process of creating
something new with value by devoting the necessary time & effort, assuming
accompanying financial, psychic, and social risks and receiving the resulting
rewards of monetary and personal satisfaction & Independence.
Entrepreneurial process:
Steps in the Entrepreneurial
process;
1)
Discovery;
The
stage in which the entrepreneur generates ideas, recognizal opportunities, and studies the market.
ü Consider
your Hobbies & skills
ü Consider
consumer needs & wants
ü Conduct
surveys & questionnaires
ü Study
demographics
ü Systematic
search for new product ideas from internal and enternal sources
o
Internal ides
sources:
Include
employees, top management engineers, manufacturing staff,
and sales people.
o
External idea
sources
Customers,
competitors, distributors, and suppliers and other ideas.
2)
Concept
development:
A detailed proposal
describing the business idea that there, when & how to start and run the business.
ü Choose
the business location
ü Will
a patent or trademark be required.
3)
Resourcing.
The stage in which the
entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture
startup. For example money or capital labour and
technology.
Startup
resources.
ü Identify
potential investors
ü Apply
for loan grand
ü Hires
employees
4)
Actualization.
The stage in which the
entrepreneur operates the business and utilizes resources to achieve its goals & objectives
ü Grand
opening
ü Day
to day operations.
ü Use
modem technology
ü Marketing
the product
ü Improve
the product
ü Develop
the business
5)
Harvesting
The stage in which the
entrepreneur decides on ventures future growth, development, or demise.
ü What
is your 5 year or 10 year plan?
ü Consider
adding location or providing different products services
ü Will
you go public
We can easily understand the entrepreneurial process
with following graph.
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