Question
Describe the process of entrepreneurship?
✓
Answer
- Self-Discovery: Learning what they enjoy doing; examining their strengths and weaknesses. Examining work experience and relating it to potential opportunities.
- Identifying opportunities: Looking for needs, wants, problems, and challenges that are not yet being met, or dealt effectively.
- Generating and evaluating ideas: Using creativity and past experience to devise new and innovative ways to solve a problem, or meet a need, and then narrowing the field to one best idea.
- Planning: Researching and identifying resources needed to turn the idea into a viable venture. Doing the research in the form of a written business plan preparing marketing strategies.
- Raising Start-up capital: Using the business plan to attract investors, venture capitalists and partners. This stage can involve producing prototypes or test-marketing services.
- Start-Up: Launching the venture, developing a customer base, and adjusting marketing and operational plans as required.
- Growth: Growing the business: developing and following strategic plans, adapting to new circumstances.
- Harvest: Selling the business and harvesting the rewards. For many entrepreneurs, this also means moving on to new venture and new challenges.
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