Question

Write a feature story on the entrepreneurial process.

Answer 1

THE ENTREPRENEURIAL PROCESS

Based on Moore's model, Bygrave (2004) presents the entrepreneurial process as a set of stages and events that follow one another. These stages are: the idea or conception of the business, the event that triggers the operations, implementation and growth.

In his model of the entrepreneurial process (Figure 1), Bygrave (2004) highlights the critical factors that drive the development of the business at each stage. According to Bygrave (2004, p. 5), "as with most human behavior, entrepreneurial traits are shaped bypersonal attributes and environment".

Personal attributes are the characteristics of entrepreneurs that make them different from non-entrepreneurs. This theme has been fertile in research into entrepreneurship.

In looking to contribute to the identification and understanding of the behavior that may lead an entrepreneur to success, studies by McClelland (1965) set forth the following entrepreneurial characteristics: seeking opportunities and initiative, identification of opportunities, ability to react to frustration and 'stressing' situations, demand for quality and efficiency, commitment, establishing goals, planning and systematic monitoring, persuasion and a network of contacts, and independence. Timmons (1978) agrees that certain personal attributes, such as the need for realization, a propensity for taking calculated risks, and controllocus (an intense desire to be in control of one's own destiny), are observed in the majority of successful entrepreneurs.