 Entrepreneurship or starting up a business is a process which involves several steps.

Different researchers identified cornerstones and start-up steps involved in the process and
there’s no binding or fixed steps to it. However, the two sub steps of entrepreneurship,
discovery and exploitation play an important role in the entrepreneurial process.
 Discovery process occurs in the mind of the entrepreneur which result in business ideas.
The viable implementation of these ideas is the exploitation process which requires
combining resources, value creation etc. The two sub processes are interrelated in a certain
way and contributes to modify the end result.
 The effectuation concept introduced by Sarasvathy is an alternative approach for a new
business in which it takes a set of means as given and focus on selecting between possible
effects that can be created using them.
 Opportunities in the entrepreneurial process occupies a significant place which usually
occurs in the early stages of the process. The two different levels of perceiving the
opportunities include the systematic and the individual level. Systematic level focuses on
the economic activities and how entrepreneurs influence the equilibrium.
 On the other hand, the individual level view opportunities evolve in the mind of
entrepreneur and involve a conceptual process.
 Also scholars identified different types of opportunities from both levels. In addition, the
venture creation ideas are affected by individual characteristics including personality,
intrinsic motivation, knowledge and cognitive skills & abilities. Apart from that contextual
factors like immediate task environment and social influences shapes the idea generation
of individuals.
 Effectual approach in entrepreneurship focus on doing the doable. The five principals of
effectuation include the afford to lose, use the readily available means, co creating the
future without trying to predict, embrace and leverage surprises as new inputs into venture,
creating self-selected stakeholders.
 This effectual approach is more cost effective and controllable and even if failures occur it
is affordable for the individuals. Effectuation have specific consequences on
performance of the venture and its development.