Entrepreneurial Process free essay sample

Phases of the Entrepreneurial Process The entrepreneurial process involves all aspects of the company being created. The four phases are; evaluating the opportunity to create the business, organizing a business plan, resource availability, and preparing a management team to implement procedures. The beginning phase of the process has many levels of creation. The data collection process is important to the Entrepreneur because, this will give a foundation for an idea. There will be many comparisons to the market for opportunity, risks, and competiveness. The risks of return on the investment in starting a new business are important. The business needs to be built with longevity in mind. What are the consumers buying? What are the personal goals of the entrepreneur? What type of skills is necessary for the business? These are just a few questions that need to be answered before moving forward. The business plan is the next step in this process. We will write a custom essay sample on Entrepreneurial Process or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page What is a business plan? A business plan is a detailed description of a business. Most business plan descriptions answer the following questions; describe the business, products and services to be offered, and the location of the business. Generally, this should explain the legalities including forms and permits needed for the business. For example, merchandizing, manufacturing, or any other service that is being provided. What is your product? What is your service? What type of growth opportunities will the business have? When are the hours of operation? What other data has been collected to learn about the creation of this business venture? Are the products or services going to be in demand? Here are just a few questions that we could ask and that need to be discussed. The benefits of the goods and services then need to be described from a consumer prospective. The loyalties of consumers are important to the business plan because, this will give the owners an idea of keeping customer satisfaction high. The location of the business can also play an important role in the failure or success of the business. The business location needs to be accessible for consumers. The safety and security of the owners, employees, and customers need to be addressed as well. Marketing plan for a business is a vital part in the business plan. One key element in this plan knows your consumers likes and dislikes. The fulfillment of the consumers needs will determine success. The target market, pricing strategy, who are the customers, and promoting the products or services will have to be devised. Financial data will all supporting documents need to be included in the business plan. The loan application, capital equipment, balance sheets, licenses, letters of intent from suppliers, personal financial statements, tax returns, projections for profits/loss statements, and all other supporting data should be readily available to the investors. There are other sections of the business plan including production, organization, operational, summary, and the appendixes. The next phase is determining the resources that are required. The above information presented touches on this subject. The access to the business needs to be convenient and safe for consumers. The raw materials need to be accessible. Are there local incentives for the business? Would it be more beneficial for the business to buy or rent? Finally, managing the enterprise is the final phase of the entrepreneurial process. Management needs to be aware of all the key variables for success; identify any problems or potential ones the business will encounter, develop a strategy for growth within the business, and implement any control system necessary for a successful business.