Topics: Entrepreneurship, Management, Venture capital Pages: 4 (1045 words) Published: May 13, 2015

Entrepreneurial Process
Inez Williams-Jones
Entrepreneurship in Health Care HCS/567
May 11, 2015
Professor Stephanie Holcomb

Entrepreneurial Process

The embodiment and empowerment of the entrepreneurial process is the beginning of a new venture. An entrepreneur must evaluate, and develop opportunities by overcoming the forces of resistance to the construction of a new venture, as well as the components of the process being meaningful from individual and corporate perspective as well as other components. Describe the Four Steps of the Entrepreneurial Process

Entrepreneurs that are successful comply and with a four phase process to obtain vision as well as venture: identifying an opportunity, delivering a business plan, deciding resources needed, and managing the newly constructed business. Rank the Importance of each Element in the Entrepreneurial Process and Explain why you have placed the Elements in that Order In the entrepreneurial world, the first phase of the entrepreneurial process is the identification of opportunity, known in the business world as innovation of business patterns (Barringer & Ireland, 2008). If a need exist and is identified during the process, a structural design of how to satisfy the need is articulated and formulated. Opportunities began with the process of identification by responding to question. The identification process begins assessment audiences for the utilization of the product. Potential utilization of the product requires identification as well as an evaluation for discussion. If a current market exists in the entrepreneurial process which requires an assessment of the need for patents. The entrepreneurial process includes identification that is the heart of the process because the process cannot began until a solid idea along with the advancement of evaluated organizational feasibility study. Talent, desire, and abilities happens to...

References: Barringer, B., R., & Ireland, R., D. (2008). Entrepreneurial: Successfully Launching New
Ventures. (2nd ed.). Upper Saddle Creek, NJ: Pearson Prentice Hall.
Hirsh, R., D., Peters, M., P., & Sheppard, D., A. (2005). Entrepreneurship. (6th ed.). New
York: McGraw-Hill Ingram
Slack, E. (2009). Prescription for Perfection: Retail Merchandiser. 49(2): 52-54
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