Entrepreneurial Process

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Entrepreneurial Process
Ivy Harmon
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 success (Barringer & Ireland, 2008). Some elements of the process are most important to the individual perspective, whereas other elements are most important from the corporate perspective. Finally, the entrepreneurial process has influenced the delivery of health care by affecting the scope of discovery, and the speed of delivery. A wide range of factors could influence someone to become an entrepreneur, including environmental, social, personal ones, or a combination of them. After one decides to be an entrepreneur, there are four steps of the entrepreneurial process he/she has to follow, spot and assess the opportunity, draw up a business plan, establish the resources needed and get them, and run the company created.

The first step is spotting and assessing the opportunity, to identify and analyze its potential in terms of market needs, competitors and market potential, and product lifecycle. It is important for the entrepreneur to test his/her business idea/concept with potential customers, asking if they would buy the product or service, doing some research to find the market size and whether it is growing, stable, or stagnating, finding out about his/her competitors strengths and weaknesses, threats and opportunities....
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