Entrepreneurial process paper

Just as taking raw material and transforming it into a work of art, there is a process to follow when taking an idea that will later mold into a productive entity. Using a chisel a sculptor would go from a piece of wood to a beautiful finished product, using different techniques. Such is in the entrepreneurship world; ideas must be transformed using a particular process. This paper will look into the organization of planning, launching and building a venture. It is otherwise referred to as the entrepreneurial process. Describe the four steps of the entrepreneurial process

The entrepreneurial process is a set of steps to follow when taking a business idea; those steps are the fundamentals that must be covered in any approach. The four steps of the entrepreneurial process are: Deciding to become an entrepreneur, Develop successful business ideas, Moving from one idea to an entrepreneurial firm, Managing and growing the entrepreneurial firm. Deciding to become an entrepreneur

The Internet is full with stories of entrepreneurs and their road way from contemplating opening their own business to achieving ownership. There is a similarity in the starting point of the business, it goes from an unfulfilled desire to bring an idea to reality to the production itself; whatever it may be. The idea is usually a desire that has been haunting for a long time. There is a point where it goes from being an idea to business plan, the beginning of a business venture (Lavinsky, 2011). Develop successful business ideas

This is the evaluation step where the question is asked if the opportunity, the idea is worth investing in. Would it be a lucrative venture, first start with a prospectus that is continually revised. The first question to answer is the idea a marketable opportunity, what will be the client base? Is there enough of that venture in the market? Is the idea unique, is there any similarity with any other ventures or businesses? In that case what would be the competition, any competitive edge? What is needed to execute the plan (Center for Entrepreneurship and Innovation,2009). Moving from one idea to an entrepreneurial firm

Once the decision is made to be an entrepreneur and a plan is made to develop that idea into a lucrative venture, it is time to move to the nest step of the process. Moving an idea into an entrepreneurial firm is transforming the plan into reality. The Duke Entrepreneurial manual suggests the plan must be continually adjusted, the plan should allow unexpected occurrence, it must be flexible. The plan should be refined to accommodate a continuous improved understanding of the opportunity as time goes by (Center for Entrepreneurship and Innovation, 2009). Managing and growing the entrepreneurial firm

The new venture is on going, the primary concern would be a market research which is important in giving necessary understanding of a customer base. Also that will provide an analysis of the customer behavior, how must of the product will be purchased. This allows a good understanding of the market that will assist in forecasting development and further establish a market share. Another key point is to understand the competition, is it a new venture or an adaptation to a new venture, a franchise? Those would be the areas to manage to assure growth of the new venture (Center for Entrepreneurship and Innovation, 2009). Rank the importance of each element in the entrepreneurial process and explain why you have placed the elements in that order

The order the elements are presented will remain the same, there is a process that must be followed and the order will not be changed. It is as presented above. The first step in the process is the idea for a venture; it may be a new venture or an adaptation to an existing venture. Regardless, it must start from an idea, a desire to satisfy a need that was presented worthy of undertaken. Would it be a lucrative undertaken, does it respond to a need that has been expressed in so many ways. This usually starts the planning phase that is preceded by a decision to become an entrepreneur. Ideas are floating around; however there are a big difference between an idea that responds to a need of a community, and one that does not respond to any demand. It all starts with an idea that is validated as a potential source of revenue. Once that determination is made, the nest step is to start planning around the idea, how to turn it into reality. That step of the process will include all the research which will guide the way to the next step of the venture. Any research will include the positive and negative points of the undertaken, which area needs to concentrate on while building the firm.

Having a solid plan , the firm can be operational, however it should be periodically revised to assured proper execution of the plan. The final phase is to manage the venture, market research should be an ongoing part of the process, that will assure continuity of the venture. Understanding customer behavior is foundational of the venture (Center for Entrepreneurship and Innovation, n.d.). The elements are placed in the order following a logical step by step process, a venture starts from an idea that is analyzed and understood to be worthy of development and productive. That goes through a planning phase with supportive research analysis that guides to the nest step of the process. The idea is now reality and growing and maintained through continued market research. Described which elements are most important from an individual perspective

From an individual perspective, of all the elements of the entrepreneurial process the evaluation of the opportunity is by far the most important, that allows for discover of new opportunity. The entrepreneur mind is always looking for opportunity to create a new venture or revise a venture to better serve a need. Evaluating an opportunity is the first step in the process; from there several questions will be formulated. An evaluation of the opportunity must also include an opportunity assessment which provides a description of the product or service, specifications of all activities and resources needed to transform the opportunity into a business venture ( Sheperd et all, 2005). The final step of that process would be to determine a source of capital to finance the venture.

Furthermore the planning phase of the entrepreneurial process is as important, that is the step that follows the evaluation of the opportunity phase. At that stage it is necessary to research the targeting market that will further assist in determining the resources needed to conclude the project. Describe which elements are most important from a corporate perspective

From a corporate perspective the elements that are mostly important are those that would include all the different combination to use resources and maximize revenue. In that respect, the element of managing and growing the entrepreneurial firm is the most important of the process from a corporate perspective. How to manage the firm to its maximum potential and to produce at its highest level? Discuss how the entrepreneurship process has influenced the delivery of health care services and product

With the rising cost of health care, all businesses are faced with the challenge of finding ways to provide health insurance to their employees. Without health insurance, Medicaid and Medicare individuals are having a hard time facing high cost of health care. This environment has created ways for innovative thinking, finding ways to provide health care, ways to afford health insurance. Most health care insurance companies are relying on consumerism, providing clients with information that allows them to make their own decision when it comes to their health. Some other companies are using the retail clinic concept or minute clinic as a mean to lower cost of services, the entrepreneurial spirit. Conclusion

There is a process to follow in entrepreneurship that would assure proper translation of an idea into reality. It must be followed step by step without missing any, the sequence must be followed. It starts with an idea that must be evaluated to determine its potential for production. During that evaluation it is determined the tools and resources needed to bring the plan to fruition.

References
Duke: Center for entrepreneurship and innovation. (2009). The duke entrpreneurship manual. Retrieved from Duke: Center for entrepreneurship and innovation, Resource for Entrepreneur website. Lavinsky, D. (2011). Growthink. Retrieved from http://Growthink. (2011). Retrieved from http://www.growthink.com/content/deciding-become-entrepreneur Sheperds, M., Peters, D., & Hisrich, R. (2005). Identify and Evaluate the Opportunity. The entrepreneurial Process, Retrieved from www.sbaer.uca.edu/publication/entrepreneurship