The process of starting a new
venture is embodied in the entrepreneurial process, which involves
more than just problem solving in a typical management position. An entrepreneur must find,
evaluate, and develop an opportunity by overcoming the forces that resist the creation of
something new. The process has four distinct phases: (1) identification and evaluation of the
opportunity, (2) development of the business plan, (3) determination of the required resources,
and (4) management of the resulting enterprise. Although these phases proceed
progressively,
no one stage is dealt with in isolation or is totally completed before work on other phases occurs.
For example, to successfully identify and evaluate an opportunity (phase 1), an entrepreneur
must have in mind the type of business phase (4).
more than just problem solving in a typical management position. An entrepreneur must find,
evaluate, and develop an opportunity by overcoming the forces that resist the creation of
something new. The process has four distinct phases: (1) identification and evaluation of the
opportunity, (2) development of the business plan, (3) determination of the required resources,
and (4) management of the resulting enterprise. Although these phases proceed
progressively,no one stage is dealt with in isolation or is totally completed before work on other phases occurs.
For example, to successfully identify and evaluate an opportunity (phase 1), an entrepreneur
must have in mind the type of business phase (4).
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