Question

Starting a venture is not an easy task. A series of activities needs to be planned and undertaken to create an enterprise. Discuss them briefly.

Answer 1

The above statement is correct that Starting a venture is not an easy task.

An Entrepreneur has to arrange a number of things before starting a new business. The process starts from the will to start an enterprise, to identifying the opportunity, then looking at the feasibility, arranging finance, manpower etc., which is a long chain of activity and the success of an entrepreneur depends on the degree of innovation and ability to take the risk . so it is not easy to be an entrepreneur.

A series of activities needs to be planned and undertaken to create an enterprise are as follows :  

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….

 

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Answer 2

Explanation:

An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit. An entrepreneur who takes the resources necessary to produce a pair of jeans that can be sold for thirty dollars and instead turns them into a denim backpack that sells for fifty dollars will earn a profit by increasing the value those resources create. This comparison is possible because in competitive resource markets, an entrepreneur’s costs of production are determined by the prices required to bid the necessary resources away from alternative uses.