Entrepreneurship Development

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The Entrepreneurial Process

The process through which a new venture is created by an entrepreneur. The four phases of entrepreneurial process are:
1.

Identification and Evaluation of the Opportunity Development of a Business Plan

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1.

1.

1. Identification and Evaluation of the Opportunity

Opportunity Assessment

What market does it serve kind of data is needed for an efficient study of competition etc

What Level

Window
The

of Opportunity

time period available for creating the new venture

Real Risk

and Perceived value of the Opportunity and returns of the Opportunity Vs Personal Skills and Goals
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Competition Opportunity

2. Developing a Business Plan

A

detailed project report that contains:

of Business and Industry Plan

Description Marketing Financial Human

Aspects Plan etc

Resource Management

Operational

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3. Determination of the Resources Required

Resources

needed for the fulfillment of the Opportunity. It includes

Determining

the existing resources the most critical resources from

Differentiating

others

Acquiring

the needed resources in a timely

manner
Developing

access to the resources that might be needed in future.

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4. Management of the Resulting Enterprise

Developing Identifying

Management Style of existing and future problems of control system

Key Result Areas

Identification

Implementation Developing

growth strategy

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