Question

Describe the process of entrepreneurship.

Answer 1

Process of entrepreneurship involves a step by step functioning of an entrepreneur. The flow chart given below describes the process of entrepreneurship :  

Step 1 : Self Discovery -  

First step is to learn what a person enjoys doing and examining their strengths and weaknesses.  

Step 2 : Identifying opportunities -  

This step relates to looking for needs ,wants, problems and challenges that are not yet being met or dealt effectively.  

Step 3 : Generating and evaluating ideas :  

This is concerned with using creativity and past experience to devise new and innovative ways to solve a problem or meet a need.  

Step 4 : Planning -  

This is the plan place which involves researching and identifying resources needed to turn the idea into a viable venture.

Step 5 : Arranging startup capital -  

Next step is to attract new investors , venture capitalists and partners to arrange sufficient funds to start an enterprise.  

Step 6 :  Start up -

Launching the venture ,developing a customer base and adjusting marketing and operational plans as required.  

Step 7 : Growth -  

Next process is to make the enterprise growing by adapting to new circumstances.  

Step 8 : Harvest -

Last step is to sell the product in the market and earn the revenue to grow further.  

Hope this answer will help you….

 

Here are some more questions from this chapter :  

Explain any four promotional functions of an entrepreneur.

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Explain any four managerial functions of an entrepreneur.

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Answer 2

Explanation:

• Entrepreneurship Manual Of course, there are many ways to organize the effort of planning, launching and building a venture.
• it is useful to break.

the entrepreneurial process into five phases:

• idea generation, opportunity evaluation, planning, company formation/launch and growth. ...