As CEO of Venture Communications, her creative and strategic approach has turned the company into a powerhouse with a blue chip client list.
The Entrepreneur is a change agent that acts as an industrialist and undertakes the risk associated with forming the business for commercial use.
An entrepreneur has an unusual foresight to identify the potential demand for the goods and services. The entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch the new ventures more efficiently. An entrepreneurial process begins with the idea generation, wherein the entrepreneur identifies and evaluates the business opportunities.
The identification and the evaluation of opportunities is a difficult task; an entrepreneur seeks inputs from all the persons including employees, consumers, channel partners, technical people, etc. Once the opportunity has been decided upon, the next step is to evaluate it.
An entrepreneur can evaluate the efficiency of an opportunity by continuously asking certain questions to himself, such as, whether the opportunity is worth investing in, is it sufficiently attractive, are the proposed solutions feasible, is there any competitive advantage, what are the risk associated with it.
Above all, an entrepreneur must analyze his personal skills and hobbies, whether these coincides with the entrepreneurial goals or not. Developing a Business Plan: Once the opportunity is identified, an entrepreneur needs to create a comprehensive business plan. A business plan is critical to the success of any new venture since it acts as a benchmark and the evaluation criteria to see if the organization is moving towards its set goals.
An entrepreneur must dedicate his sufficient time towards its creation, the major components of a business plan are mission and vision statement, goals and objectives, capital requirement, a description of products and services, etc.
The third step in the entrepreneurial process is resourcing, wherein the entrepreneur identifies the sources from where the finance and the human resource can be arranged.
Here, the entrepreneur finds the investors for its new venture and the personnel to carry out the business activities. Once the funds are raised and the employees are hired, the next step is to initiate the business operations to achieve the set goals.
First of all, an entrepreneur must decide the management structure or the hierarchy that is required to solve the operational problems when they arise.
The final step in the entrepreneurial process is harvesting wherein, an entrepreneur decides on the future prospects of the business, i. Here, the actual growth is compared against the planned growth and then the decision regarding the stability or the expansion of business operations is undertaken accordingly, by an entrepreneur.
The entrepreneurial process is to be followed, again and again, whenever any new venture is taken up by an entrepreneur, therefore, its an ever ending process.Q: Why is public relations important for my company?
A: According to Public Relations News, "Public relations is the management function which evaluates public attitudes, identifies the policies. Emerson College is internationally recognized as the nation’s premier institution of higher learning devoted to communication and the arts.
The entrepreneurial process is a major hurdle for every new and existing entrepreneur to overcome. From getting the right idea to eventually building a successful business or not, all steps, actions, and decisions made by every entrepreneur would have to be highly calculated in the smartest possible way.
Entrepreneurial Process Inez Williams-Jones Entrepreneurship in Health Care HCS/ May 11, Professor Stephanie Holcomb Entrepreneurial Process The embodiment and empowerment of the entrepreneurial process is the beginning of a new venture. Note: The below agenda is current as of April 21, Updates to the agenda after this date may not make it to this web page.
For the most accurate agenda check out the conference app where you can also see the room numbers. This process is called the “Entrepreneurial process. ” This is the same process that brings into being; both great and small businesses. “In the game of entrepreneurship, the process is more important than the goal.