discuss entrepreneurial process in detail
Answers
Entrepreneurial process can be defined as the steps taken in order to establish a new enterprise. It is a step-by-step method, one has to follow to set up an enterprise.
There are mainly five steps one needs to follow. These steps are −
Preliminary steps
Decision-making steps
Planning steps
Implementation steps
Managerial steps
Preliminary Steps
Preliminary steps are the initial steps one has to follow for establishing a firm. At this stage, the to-be entrepreneur should be able to make a decision that is going to affect the company.
We can say that an entrepreneur is born at this stage. An entrepreneur searches for business opportunity and collects information/data from all sources available.
Decision-making Steps
Decision-making steps can be defined as those steps or say the lessons learnt by an entrepreneur to make decisions efficiently.
In this step, the entrepreneur is seen consulting with DIC (District Industrial Centre) and MSME (Medium Small & Micro Enterprise). Some of the decisions to be taken are −
Decision of acquiring fund from banks or financial institutions.
Acquisition of permission, recognition, application.
Making of PPR (Preliminary Project Report).
Decision regarding land, building, plant, machinery, labor, raw material, fuel, energy, water supply, filtration, etc.
In order to make effective decisions that is adaptable and comfortable for the company, the clients and all those who are directly or indirectly linked to the decision-making step play a very vital role.
Planning Steps
Planning is an assumption or prediction of business requirements and outcome in the future. It provides a space to review the best strategy to run the business by cutting expenses and maximizing profit.
Some of the planning steps include −
Planning for infrastructure like plant and building.
Getting permission and recognition from the government or any other reputed authority.
Applying for environmental clearance.
Purchasing of land and licensing of mines, if necessary.
Applying for electric connection and water supply.
Planning the final feasibility, technical feasibility, and operational feasibility.
Study of PPR and preparation of Detailed Project Report (DPR).
Getting loan and/or capital investment.
Acquisition of machineries and planning for installation.
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Answer:
Entrepreneurial process can be defined as the steps taken in order to establish a new enterprise. It is a step-by-step method, one has to follow to set up an enterprise.