What is the Entrepreneurial Process? I recently released my first book, 10 Laws of Power for Entrepreneurswhich discusses the entrepreneurial process in detail. May the ignorant soon find wisdom.
Finding The Right Business Idea: Identifying and evaluating the right opportunity is the first step to setting out as an entrepreneur.
Choosing just any small business idea to start up is an entire no-no. You must do a market research to know what people really need. For example, most programmers are lazy at doing house chores and any physical activity. Developing the business Enterpreneuarial process The next step is to make a business plan that suits you best.
As a startup, you could write down a few points to target, as a basic plan, and make adjustments from there. Usually when you start a new business no one has ever tried before, what you draft as a business plan would probably go down the toilet in a week or two because, whatever way you anticipated the market to react would most likely never happen.
If your purpose for drafting the plan is to maybe seek a bank loan, or for some other financial purpose, then drafting a business plan is entirely important before you set out. If writing a business plan seems difficult, you can draw up your plan by following a sample business plan template, or highlighting the things you want to achieve, and how, then consulting the services of a professional to draw out a business plan for you, based on those.
Raising Your Seed Funding: This phase of your entrepreneurial process is very important. At this point, your focus would be to raise seed funding for your small business idea. You could raise seed funding by getting an investment from angel investors, grants, a bank loan, amongst others.
The best way to raise working capital for any business idea is usually from family and friends. These individuals already trust you and would either invest-in or loan you the money not because they believe in your idea, but because they believe in you. Some alternatives you could consider for small business loans are micro-finance banks and professional money lenders.
These institutions and individuals can provide you with a line of credit with much more lenient requirements, but can sometimes have higher interest rates and short-repayment periods, compared to other larger financial institutions.
If you cannot get paying customers for your business at the lowest cost possible, your business will die out. No business can stay afloat without customers.
The different factors you need to consider are both your customer acquisition costs and your customer retention costs.
Your goal should be to acquire as many customers as possible, at the lowest cost possible, and do everything to retain them in the most efficient way possible. One way you could do these is to offer an exceptional customer service that no one would believe.
A company that does this well is the American e-commerce company, Zappos. Success Or Maybe Failure: After all is said and done, you may still not succeed, or turn out an amazing success.The Entrepreneurial Process Working Definition of Entrepreneurship “Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach [emphasis added], and leadership balanced” (Timmons, 27).
Entrepreneurial process can be defined as the steps taken in order to establish a new enterprise. It is a step-by-step method, one has to follow to set up an enterprise.
. The entrepreneurial development of a person goes beyond education, which requires various factors to take place this complex process. I added the definition of William Bygrave, a professor at Babson College, about the entrepreneurial process.
The entrepreneurial process is a set of stages and events that follow one another. Steps in the Entrepreneurial Process 4.
Actualization: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives. $$ Grand Opening $$ Day-to-Day Operations Steps in the Entrepreneurial Process 5.
An entrepreneurial process comprises of five steps hat needs to be followed by an entrepreneur to plan and launch the new ventures more efficiently. The Entrepreneur is a change agent that acts as an industrialist and undertakes the risk associated with forming the business for a commercial use.
Entrepreneurship is the creation of new ways of meeting needs through novel products, processes, services, technologies, markets, and forms of organizing. Entrepreneurial ventures can be start-ups or occur within large companies.
Entrepreneurship is an innovation process that .