ENTREPRENEURIAL PROCESS

Instructor:
Dr. Amir Ikram
amirikram12@hotmail.com
www.amirikram12.blogspot.com
 Entrepreneurial Process

The entrepreneurial process involves all the

functions, activities, and actions associated
with perceiving opportunities and creating
organizations to pursue them.

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 ENTREPRENEURIAL PROCESS

●This process has four distinct phases:

❑ Identification & Evaluation of the opportunity

❑ Development of the business plan
❑ Determination of the required resources
❑ Management of the resulting enterprise

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 1) Identification and evaluation
of the opportunity

●Identification
Need & wants --> product / service
Sources:
● Consumers and business associates
● Members of the distribution system
● Technical people

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1) Identification and evaluation
of the opportunity (cont.…)

- Evaluation:
●Opportunity Assessment Plan /
Opportunity Analysis
●Window of opportunity
(e.g Samsung Galaxy S4 in Pakistan)
●Returns Vs Required resources
●Opportunity Vs Personal Skills

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 2) Developing a Business Plan
● A business plan is an essential roadmap for
business success. This living document generally
projects 3-5 years ahead and outlines the route a
company intends to take to grow revenues.
● Marketing Plan
● Financial Plan
● Strategic Plan (Vision, Mission, & Mission
Statement)

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3) Determine the Resources Required
● The resources needed for addressing the
opportunity must also be determined. This process
starts with an appraisal of the entrepreneur’s
present resources.
● Optimum utilization of resources

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 4) Manage the Enterprise
Practical implementation of the concepts which
have gone through in the course of ‘Principles of
Management’

It’s time turn on your Organizing

Entrepreneurial shirt

Planning Leading

Controlling

IB&M, UET Lahore