Post by Trade facilitator on Sept 24, 2017 15:08:03 GMT 1
Entrepreneurship Process
Ideation Process Ideation is the process of generating ideas and becoming thoroughly familiar with them. It is a period of sleepless nights thinking for business opportunities.
Stages of Ideation: when the entrepreneur perceives ' economic opportunities offered by the environment.
when the entrepreneur introduces an innovation.
when the entrepreneur takes the risks of starting an enterprise.
“Economic Opportunity to successfully identify an economic opportunity, there are three fundamental points to consider. These include: “a product must respond to buyers’ needs and wants “capitalize on available resources, and “possible source of business ideas IDEATION: Economic opportunity introduces innovation.
Conceptualisation: Risk-taking Business planning Capital formation
Enterprise Creating:
Venture choice
Business ownership
Resource organization
Commercialization Production
Marketing Conceptualization Process Conceptualization is the process of generalizing the possibility of the ideas into a tangible offer by considering all the factors needed in producing and marketing the product. These factors include the market, raw materials, technology, economy, workforce, competition, finance and other related factors. The process involves three stages: risk-taking, business planning and capital formation.
"Risk Assumption
Entrepreneurs are calculated risk-takers. They enjoy the excitement of a challenge, but they don’t gamble. To them the attractiveness of an alternative means the probability of the venture to enjoy a competitive advantage. This advantage over competitors can be measured through following these steps:
1.Clarify the alternatives,
2.Deliberate and analyze the .alternatives, and
3.Minimize the risks.
In selecting the best alternative, this can be done through comparing the options according to the following:
‘’The ease of entry,
‘’Degree of risk,
‘’Return on Investment and Personal Interest.
“Business Planning
Once the project has been identified, a more detailed study has to be undertaken not only to confirm that one had made the right choice but also to guide the entrepreneur in running the business smoothly.
Capital formation The entrepreneur plans the funds needed by the enterprise giving important consideration on the following financial issues: how much money is needed by the enterprise where is the source of money when the money is available
Enterprise Creation Process
Enterprise creation process involves three stages described as follows:
"Venture choice
There are several ways an entrepreneur puts his ideas and energies to work. The entrepreneur may decide whether to establish a new firm, purchase an existing firm, or enter into a franchising agreement.
Starting a new business -The Franchise -Buying an existing firm “Legal forms of business ownership:
“Proprietorship:
“Partnership:
“Corporation:
“Resource Organization “Commercialization Process
Commercialization is the process of allocation, acquisition and utilization of resources for the production and distribution of goods and services to satisfy consumers.
Ideation Process Ideation is the process of generating ideas and becoming thoroughly familiar with them. It is a period of sleepless nights thinking for business opportunities.
Stages of Ideation: when the entrepreneur perceives ' economic opportunities offered by the environment.
when the entrepreneur introduces an innovation.
when the entrepreneur takes the risks of starting an enterprise.
“Economic Opportunity to successfully identify an economic opportunity, there are three fundamental points to consider. These include: “a product must respond to buyers’ needs and wants “capitalize on available resources, and “possible source of business ideas IDEATION: Economic opportunity introduces innovation.
Conceptualisation: Risk-taking Business planning Capital formation
Enterprise Creating:
Venture choice
Business ownership
Resource organization
Commercialization Production
Marketing Conceptualization Process Conceptualization is the process of generalizing the possibility of the ideas into a tangible offer by considering all the factors needed in producing and marketing the product. These factors include the market, raw materials, technology, economy, workforce, competition, finance and other related factors. The process involves three stages: risk-taking, business planning and capital formation.
"Risk Assumption
Entrepreneurs are calculated risk-takers. They enjoy the excitement of a challenge, but they don’t gamble. To them the attractiveness of an alternative means the probability of the venture to enjoy a competitive advantage. This advantage over competitors can be measured through following these steps:
1.Clarify the alternatives,
2.Deliberate and analyze the .alternatives, and
3.Minimize the risks.
In selecting the best alternative, this can be done through comparing the options according to the following:
‘’The ease of entry,
‘’Degree of risk,
‘’Return on Investment and Personal Interest.
“Business Planning
Once the project has been identified, a more detailed study has to be undertaken not only to confirm that one had made the right choice but also to guide the entrepreneur in running the business smoothly.
Capital formation The entrepreneur plans the funds needed by the enterprise giving important consideration on the following financial issues: how much money is needed by the enterprise where is the source of money when the money is available
Enterprise Creation Process
Enterprise creation process involves three stages described as follows:
"Venture choice
There are several ways an entrepreneur puts his ideas and energies to work. The entrepreneur may decide whether to establish a new firm, purchase an existing firm, or enter into a franchising agreement.
Starting a new business -The Franchise -Buying an existing firm “Legal forms of business ownership:
“Proprietorship:
“Partnership:
“Corporation:
“Resource Organization “Commercialization Process
Commercialization is the process of allocation, acquisition and utilization of resources for the production and distribution of goods and services to satisfy consumers.
