Phases of the Entrepreneurial Process
The entrepreneurial process involves all aspects of the company being created. The four phases are; evaluating the opportunity to create the business, organizing a business plan, resource availability, and preparing a management team to implement procedures.
The beginning phase of the process has many levels of creation. The data collection process is important to the Entrepreneur because, this will give a foundation for an idea. There will be many comparisons to the market for opportunity, risks, and competiveness. The risks of return on the investment in starting a new business are important. The business needs to be built with longevity in mind. What are the consumers buying? What are the personal goals of the entrepreneur? What type of skills is necessary for the business? These are just a few questions that need to be answered before moving forward. The business plan is the next step in this process. What is a business plan? A business plan is a detailed description of a business. Most business plan descriptions answer the following questions; describe the business, products and services to be offered, and the location of the business. Generally, this should explain the legalities including forms and permits needed for the business. For example, merchandizing, manufacturing, or any other service that is being provided. What is your product? What is your service? What type of growth opportunities will the business have? When are the hours of operation? What other data has been collected to learn about the creation of this business venture? Are the products or services going to be in demand? Here are just a few questions that we could ask and that need to be discussed. The benefits of the goods and services then need to be described from a consumer prospective. The loyalties of consumers are important to the business plan because, this will give the owners an idea of keeping customer satisfaction...
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