Entrepreneurship Processes

• Entrepreneurship is often continuous enabling  proprietors to launch their ventures while ensuring their efficiency.
• Among the factors that influence the outcomes attainable for a venture include economic provisions, developments that might be evident technology-wise in addition to culture and education.
• The presentation endeavors to evaluate the processes engrained necessary to ascertain that a venture is able to attain the success desired.

Idea development and opportunity evaluation

Entrepreneurs are focal to the success attainable for the establishments that might be involved. They act as change instigating agents who assume any risks that might be prevalent where the business is involved. Proprietors rely on their foresight for the identification of potential demand for different commodities or even services.

• Entrepreneurship commences where different ideas are generated by identifying and  evaluating the opportunities which can be capitalized on for business to determine their viability and worth (Belz & Binder, 2017).
• Through brainstorming, input can be sought from various parties who are bound to have a stake in the organization.
• In some cases, the proprietor’s interests can be used to offer guidance in respect to the opportunities that they can capitalize on.

Consultation for the development of ideas which are appropriate must include channel partners and potential clients. Enterprises whose operations are already set up can also consult their respective employees. An assessment is necessary for the determination of the risks portended for the highlighted venture. Moreover, potential risks must be honestly appraised. The implication is that measures can be taken to counter the difficulties noted. In addition, it becomes possible to determine whether the investment should proceed albeit its pitfalls.

• Business plans are formal statements that indicate the goals of the enterprises involved and the factors that make them attainable.
• The plan that a proprietor creates for their establishment must be comprehensive (Goss, 2015).
• Features essential for benchmarking can be underscored as well as the criteria appropriate for evaluation.

The plan acts as a tool that guides the proprietor’s actions. It offers the details that can be relied on where decisions are to be made. Where some funds are necessary for an organization, business plans can be reviewed by investors to convince them about the project’s feasibility. It can be relied on to determine the prospects of an enterprise’s success.

• The plan must describe the endeavors to be undertaken by the business in addition to the goods or even services that  it might offer.
• It must also feature some research into the market targeted and the strategies that can be relied on to facilitate sales.
• The requirements of the venture where funding is involved must be noted as well as the projections pertaining to the organization’s finances.

The elements are essential for business building. They also determine how situations that might have not been foreseen can be navigated. Moreover, it ensures that organizational endeavors are well directed for the achievement of set projections. The enterprise can also operate efficiently to ensure that its niche is adequately exploited.

• Entrepreneurs determine the success  that their establishments can achieve.
• The characteristics that they personally possess are crucial determinants  of the outcomes they achieve (Lueg, Malinauskaite & Marinova, 2014).
• Moreover, proprietors must collaborate with a vast array of individuals with different personalities. Hence, they must possess the appropriate interpersonal skills.
• Practical know-how determines the quality of the decisions proprietors make and the attainment of enterprise goals.

Entrepreneurs are mandated to possess the knowledge crucial in ensuring that their venture is able to achieve the desired outcomes. In addition, it is important for them to understand the opportunities heralded by the market they elect to exploit.

• Marketing strategies relate to an approach that is often considered to be forward-looking for the purpose of achieving a sustainable advantage that is competitive.
• Among the requirements necessary in relation to the formulation of strategy relates to the identification of potential clients.
• Information must be obtain with regards to competition to determine how they serve their clients and the opportunities they exploit.
• Channels through which an enterprise can avail its message must be selected. For example, newspapers or billboards can be used.

Customer demographics, location, behavior and psychographic provisions can be relied on to determine the segments that an enterprise should target. Analyzing competitors determines the areas that an enterprise can capitalize on.

• An enterprise’s legal strategy ascertains that an enterprise is able to capitalize on the best solutions available.
• Moreover, such strategies are instrumental in ensuring the compliance of an enterprise to set regulations while dealing with different categories of lawsuits.
• The implication for an enterprise is that various considerations which are legally inclined can be incorporated in the processes through which enterprise decisions are made.

Legal strategy facilitate the achievements set out in an organization’s business plan. It is crucial in the protection of an enterprise’s intellectual property or the inventions attributed to a business.

• Funds can be available as the investments a proprietor is able to make from their savings.
• Where the enterprise is primarily driven by technology, venture capital can be resorted to.
• Enterprises can also rely on the assistance offered by angel investors. Angels are individuals with accumulated wealth that they invest directly in selected firms.

Financial sources mandate some adequate diversification. The implication is that any resulting downturns can be appropriately handled. Moreover, the finances can be geared towards ensuring that the needs specific to an enterprise are adequately covered. Financial institutions can also advance some credit to respective enterprises.

• Enterprises can also rely on seed funding which relates to a situation where investors offer some security for a stake in the equity of the businesses involved.
• The investments are made with the purpose of ensuring that enterprises can generate its targeted revenue.
• The risks portended for investors are often quite extensive in comparison to venture capitalists. 

Seed funding often involves amounts which are low when compared to other sources from which funds can be availed.

• Human resources execute the provisions stipulated in a the plan formulated for an enterprise.
• Hence, plans must be developed with respect to the employees required for an enterprise.
• Team assembly mandates the development of job analyses that determine all the organizational tasks that must be performed and the respective qualifications for the positions involved.
• Moreover, the enterprise must develop strategies that can be relied on for recruitment purposes.

Team assembly is often a process that is ongoing. Training must be availed to ensure that the talents evident among the members who formulate the team are nurtured.

Conclusion

• Entrepreneurship is an intensive process.
• Success is achievable where appropriate plans are made.
• The necessary resources must also be available.

References

Belz, F. M., & Binder, J. K. (2017). Sustainable entrepreneurship: A convergent process model. Business Strategy and the Environment, 26(1), 1-17.

Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan International Higher Education.
Goss, D. (2015). Small Business and Society (Routledge Revivals). Routledge.

Lueg, R., Malinauskaite, L., & Marinova, I. (2014). The vital role of business processes for a business model: the case of a startup company.