The Entrepreneurial Process

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Entrepreneurship in health Care

The Entrepreneurial Process
Many successful entrepreneurs tend to follow a process to develop their businesses. This process contains four stages toward achieving their dreams. The processes are identifying an opportunity, developing a business plan, assessing the need for resources, and finally developing a management program designed to achieve success. The entrepreneur must develop an understanding of this process as an important step. Developing an understanding of the entrepreneurial process can determine if a business venture is to be successful. Some phases of the entrepreneurial process may appear more important than the others but in reality each phase must be completed in succession in order for the process, and the business venture to be successful. The first of the entrepreneurial process is to identify opportunity. This is sometimes referred to as the business model innovation (Barringer, 2008). It is during this phase that the entrepreneur must identify that in need for its product or service exists. Identifying a business venture begins by answering questions concerning the market environment and the possibility that existing market exists. This identification process attempts to analyze a possible target market that may exist for the use of this product or service. The acceptance by the target market must be analyzed for the potential use of any new product and the need for the product or service must be identified and analyzed also. It is also during this phase that the existence of a similar product or service can be discovered in the competition from the business environment can be compared for possible development of a product niche within the existing market. Identifying a business opportunity develops the entrepreneurial process through the development of an idea. As the identification of the opportunity advances to the next phase, evaluation and feasibility analysis begins. Once the identification...
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