The process of entrepreneurship:
Below we have discussed the process of entrepreneurship:-
• Identify an Opportunity: An entrepreneur realizes opportunities and displays the market because they are creative, open to new ideas and looking for challenges. They do not meet or effectively handle the needs, wants problems and challenges. Because their ideas are innovative, they reap the benefits of the first transport that the product offers. It is a high reliability in identity and market.
• Establish a vision: It involves the generation of ideas, using past experience and creativity to create new and innovative ways to solve a problem, or to meet a need. Of the many ideas, the most feasible and profitable are chosen and summarized into a great idea. Entrepreneur evaluates different opportunities and business environment to assess.
(i) Actual and perceived value of the product/service
(ii) Risks and rewards associated with the project
(iii) And its different competitive advantage
• Persuade Others: Entrepreneurship creates a foundational group, consisting of a group of individuals working together to make his vision a reality. They may be partners, financiers, family members, etc.
• Resource Collection: This includes using a business plan to attract investors, venture capitalists, partners, financial institutions and marketers. The main task is to research and identify the resources needed to turn the idea into a viable venture.
Resources can be classified as:
1. Financial Sources:- Personal Savings, Retained Capital, Banks, Government Institutions, Family, Friends, Partnerships, Venture Capital, Public Release.
2. Operating resources:- They are either tangible or ambiguous.
Firm – (a) Machinery (b) Raw materials (c) Land and Building (d) Office Equipment
(An entrepreneur must make a decision to buy, rent or hire them).
Intangible resources- (a) Management (b) Transportation (c) Company image (d) Operating procedures
3. Human:- The amount of manpower required, temporary/permanent staff. Recruitment, selection, and training of employees. Compensation, organization culture.
4. Information:- An effective management information system is required to obtain timely information about customers, markets, competitors and the external environment. All data is networked on a real-time basis to speed up the process based on information.
• Create a new venture: Once all the resources are organized, the next step is to create and establish a new venture and run the business venture successfully. It requires a lot of motivation and motivation to gather optimal resources, and a lot of perseverance and passion to trust the self.
• Change/Modify Time: It is necessary to monitor and improve the company with changing market conditions. Making the changes requires the availability of funds and the transformation of human resources towards a changed environment.
Also read: Concept of entrepreneurship , Types of entrepreneur , Managerial skills , Concept of organizing , Span of control , Departmentation of Organising , Organizational Structure , Delegation , Decentralization