Entrepreneurial Process
Entrepreneurial Process
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The Entrepreneur is a change agent that acts as an industrialist and undertakes the risk associated with forming the business for commercial use. An entrepreneur has an unusual foresight to identify the potential demand for the goods and services.
The entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch the new ventures more efficiently.
Entrepreneurial process includes the following:
Discovery: An entrepreneurial process begins with the idea generation, wherein the entrepreneur identifies and evaluates the business opportunities.
Developing a Business Plan: Once the opportunity is identified, an entrepreneur needs to create a comprehensive business plan.
Resourcing: The third step in the entrepreneurial process is resourcing, wherein the entrepreneur identifies the sources from where the finance and the human resource can be arranged.
Managing the company: Once the funds are raised and the employees are hired, the next step is to initiate the business operations to achieve the set goals.
Question to Consider: - Explain the concept of Entrepreneurship Decision Process?
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