Entrepreneural process paper Essay Example | Topics and Well Written Essays - 1250 words

Entrepreneural cognitive operation paper - Essay ExampleThis therefore implies that every stage in the entrepreneur process is in-chief(postnominal) for any contrast to succeed and entrepreneurs should have an understanding of the process before venturing in any barter. Some stages in the process do appear to be more beta than the other stages. The truth is that each phase is as important as other phases and that each phase must be immaculate in a systematic manner in order for the business venture to be a success. The first phase for implementation is identifying and evaluating a business opportunity. Secondly, the entrepreneur should develop a business plan then access the available resources to start the business and lastly manage the newly established business (Henry & De, 2011). Each of the phases is hit the booksd below in order of their importance. Identifying and evaluating a business opportunity The phase is also referred to as the business innovation model. This stag e is viewed as the most important as no business venture can start without an idea. Identifying a opportunity is not that easy since an individual must analyze carefully identify an vivacious gap in the market (Baron & Shane, 2008). At this stage, you identify a need that exists and formulate a model on how lift out you can satisfy the need. Entrepreneurs should answer questions on the existing market by conducting a market research. You should analyze the audience that is likely to purchase the product. Thereafter, you should carefully filmdom the audiences feedback on acceptance or rejection of the new product. In case an entrepreneur wishes to introduce an existing product, he or she should analyze the existing competition and the market penetration strategies may be adopted. Additionally, at the identification stage, one should determine he or she would need patent rights to protect his or her innovation (Baron & Shane, 2008). Completion of the identification of a business op portunity paves way for evaluation of the opportunity. This is the most important element in the whole entrepreneur process as it will enable the entrepreneur decide on whether to venture into the new business or abandon it. It enables him or her to compare the projected returns and the needful resources for the investment (Kuratko, 2009). The evaluation process accesses the duration of the opportunity, its perceived and real value, the returns and risks associated, whether the venture fits the goals and skills of the entrepreneur as well as its uniqueness in creating a militant advantage in the competitive environment. The estimated market size and the duration in which the opportunity may exist provide the basis of accessing the rewards and risks. The risk reflects the capital employed, the market, applied science and the competition involved. The capital required is often used as the basis for evaluating the returns and risks (Fayolle, 2007). A viable business opportunity shoul d promise high returns than the amount of money invested and should have low risks. Additionally, it should be able to make higher returns in a short of time after establishment. The goals and personal skills of an entrepreneur should fit the opportunity. It is important that the entrepreneur dedicate his or her time and effort for the business to be a success. Although most people start a business and hope that the