ASPECT OF ENTERPRENEURIAL PROCESS

1. Innovation, which includes generating the idea,

innovation, identifying a market opportunity, information
search, conception, screening ideas for feasibility,
identifying where to extract value and the development of
the product or service.
2. Triggering event, which includes gestation, the
motivation to start a business, the decision to proceed, the
business planning, identifying the different resources
required, risk assessment, resource acquisition and
assembling.
3. Implementation, which includes infancy, incorporation,
setting up and launching the new venture, business
strategy, implementing the business plan, running the
business, deploying of resources, building success and
managing the venture.
4. Growth which includes adolescence, maximizing profits,
harvesting the rewards and continually growing the
venture to include other opportunities.
3S of Opportunity
Opportunity Seeking- Entrepreneurs are innovative opportunity
seekers. They have an insatiable curiosity to discover new or different
ideas that will work in the marketplace. This curious streak is what
separates them from the ordinary businessman whose obsession is,
simply, to make a profit from producing, buying and selling goods. A lot of
wannabe businessmen set up shop to repeat what everybody else is doing
but this is not really entrepreneurship. It is just doing “business as usual.”

Opportunity Screening- You have looked at your surrounding

environment. You have considered the trends in the market place. You
have an idea of what products or services people are looking for. You have
familiarized yourself with current and future advances in technology. At this
point, you should already have a list of possible opportunities and business
proposals that you can take on as an entrepreneur.

Opportunity Seizing- After screening several opportunities

according to well-defined criteria, the next step for the
entrepreneur is to seize the chosen business opportunity. At one
end, there are critical factors that enable the entrepreneur to
exploit the opportunity to the heights of success. On the other
end, there are critical factors that would drag down the
opportunity to failure. Therefore, the entrepreneur must determine
exactly what critical factors cause business opportunities to
succeed and what critical factors cause it to fail.