Entrepreneurial Process Paper

Mar 29th, 2015
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Successful entrepreneurs follow a multi-step process that is based on four main elements to achieve their entrepreneurial goals. A clear understanding of the entrepreneurial process is an important step in understanding the functions of a business administrator or assessing if entrepreneurship is the right fit for you. Write a 1,050- to 1,400-word paper on the entrepreneurial process. Include the following: Describe the four steps of the entrepreneurial process. Rank the importance of each element in the entrepreneurial process, and explain why you have placed the elements in that order. Describe which elements are most important from an individual perspective. Describe which elements are most important from a corporate perspective. Discuss how the entrepreneurship process has influenced the delivery of health care services and products.

Word Count: 1100
Showing Page: 1/6
Entrepreneurial Process PaperNameClassDateProfessorEntrepreneurial Process PaperWhen starting a new business it is important to take the steps needed to ensure it will be an ultimate success. The entrepreneur recognizes opportunities when they come across their path. Once the entrepreneur identifies the opportunity they will have to address the challenges that will get in their way. This takes planning and in depth knowledge of the new venture. The process for overcoming these challenges requires four steps. The steps are to identify and evaluate the opportunity, develop a business plan, identify needed resources, and manage the resulting business. The first step is to identify and evaluate the opportunity. The opportunity is the venture in which a business can be created. For example if a town is rapidly growing but has not grocery store, this would be an opportunity for an entrepreneur to be successful. Once the opportunity is identified the entrepreneur will begin to evaluate the opportunity (Zacharakis, 2013). In order to identify any barriers to ensuring this particular venture is a success it is important to evaluate the potential venture from every possible angle. For one there could have been past grocery stores in the town that have failed or the community would require specific foods that pertain to their culture. These foods could be expensive to purchase requiring the right food suppliers to ensure the grocery store will be profitable.

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