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You are going to develop your own process map outlining the steps you need to take to develop a robust and well-thought-out entrepreneurial plan. Have a look at the Unit 4 Assignment: Entrepreneurial Plan for more information on what you’re going to be building.
It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth. These phases are summarized in this table, and the Opportunity Evaluation and Planning steps are expanded in greater detail below.
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- Exploring Entrepreneurial Context. Why is it important to look at the entrepreneurial context? Because the context determines the “rule” of the game and what decisions are likely to be successful.
- Identifying Opportunities. A crucial aspect of the entrepreneurial process is identifying opportunities. What are opportunities? These opportunities are positive external trends or changes that provide unique and distinct possibilities for innovating and creating value.
- Starting Venture. Once entrepreneurs have explored the external context and identified possible opportunities and competitive advantage(s), they must look at the issues involved with actually starting up their entrepreneurial venture.
- Managing Venture. Once the entrepreneurial venture is up and running the next step in the entrepreneurial process is managing the venture. An entrepreneur also must effectively manage the venture by managing processes, managing people, and managing growth.
Rwigema & Venter (2004:28) identify five specific steps, namely identifying, measuring and refining an opportunity from multiple ideas; formulating a business plan; marshalling the resources; organizing and mobilizing a team; and overseeing the new venture creation and growth.
Jun 24, 2022 · Once you determine that entrepreneurship is in your future, the next action is to establish a process to follow, such as identifying useful reading materials, attending classes or workshops, finding a mentor, or learning by doing through simulations or firsthand experiences.
Oct 29, 2019 · 8 Stages of the Entrepreneurial Process. Posted on Oct 29, 2019 11:47 AM. When starting a new venture or business, there is a sequential process that you can follow to help you stay on course. This process can be broken down into eight stages, starting with discovery and ending with implementation.
Jun 2, 2023 · June 2, 2023. 10 Min Read. Entrepreneurship Development is the process of empowering entrepreneurs to take risks, create solutions, and develop business ideas. This process also includes creating organizations that promote economic growth and sustainable development.
