write the four steps of entrepreneurship development
Answers
1. Idea generation
The entrepreneur begins to wonder why there is not available a product or service, why not improve certain things, how to generate income to cover their expenses, etc. Thousands of questions might rise, so them will help to identify opportunities to meet the market needs. In previous years, there where not enough amount of goods and services. It was a little bit easier to position a business, however now it requires a search for information and market analysis to see the possibility of success. It is possible that at this point in the entrepreneurial process, there are many people, since the generation of ideas can be much easier. However, the step towards a decision making is where many can stop and perhaps even abandon the idea from the starting a business.
2. Decision making and business planning
A critical point in the entrepreneurial process is deciding to start the project. Be active and stay motivated are the main factors for the entrepreneur to start landing his idea. Asking what resources are needed and where he will get them, is vital to generate at least one way forward for the entrepreneur. The development of the business plan will mark only a guide that can be used as reference.
3. Project creation
The project is conducted when the entrepreneur decides to seek and obtain resources. Getting financiation is difficult, and perhaps one of the main obstacles to start a business. When the entrepreneur begins to invest the resources and and begin operating, it is a point release of stress, as the entrepreneur will see the first steps of his company.
4. Management and control
After having pass through the first months of operation, the company will see if it decreases, maintains or increases in sales. The entrepreneur should strive to maintain revenue growth before worrying about having a nice office. Managing a business is not easy, but the experience that entrepreneurs acquire over time will surely ease the handling of all resources. Perhaps one could say that the entrepreneurial process ends here, but I think it is no longer an entrepreneur, and he becomes a full businessman or businesswoman
Answer:
1. Identification and evalution of the opportunity
2. Development of the business plan
3. Determination and evaluation of resources requirements