The Four Steps & The Entrepreneurial Process

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Successful entrepreneurs follow a multi-step process that is based on four main elements to achieve their entrepreneurial goals. A clear understanding of the entrepreneurial process is an important step in understanding the functions of a business administrator or assessing if entrepreneurship is the right fit for you. Write a 1,050- to 1,250-word paper on the entrepreneurial process. Include the following: •Describe the four steps of the entrepreneurial process. •Rank the importance of each element in the entrepreneurial process, and explain why you have placed the elements in that order. •Describe which elements are most important from an individual perspective. •Describe which elements are most important from a corporate perspective. •Discuss how the entrepreneurship process has influenced the delivery of health care services and products. Cite 3 peer-reviewed, scholarly, or similar references to support your paper. Format your assignment according to APA guidelines.

Answer

The Four Steps & The Entrepreneurial Process

Introduction

Any successful entrepreneur understands the essence of the multi-step process that leads to the achievement of the entrepreneurial objectives. Having a good comprehension of the process is a vital milestone in getting to know the roles of a business administrator or assessing if an enterprise is an ideal choice for a group or an individual (McCleary et al., 2006). The intent of this essay is to clarify the four stages of the entrepreneurial procedure, rank the significance of every component in the entrepreneurial procedure, and clarify why the elements were arranged as such. Moreover, the essay will clarify which components are most vital from an individual and corporate point of view, and clarify how the business procedure has affected the conveyance of medicinal services administrations and products.

The entrepreneurial procedure is a systematic method for beginning another wander which includes four stages. The business person acknowledges, assesses, and builds up an opportunity by working against the powers of resistance (McCleary et al., 2006). The four stages incorporate identification and assessing an opportunity which demonstrates the choice to become a business person, creating effective business ideas, moving from a thought to an entrepreneurial firm by getting to know the asset required, and consequently managing the subsequent business (Gartner, 2014). Every single one of these stages is in order one to four in positioning with regards to the significance of every technique. The components in the stages in this discourse will be from an individual and corporate entrepreneurial points of view.

Steps One Through Four

The first stage of the entrepreneurial procedure is the identification of the opportunity and choice to ultimately become a businessperson. An opportunity according to Aldrich & Martinez, (2010), is a favorable set of conditions which makes a need for another item, service, or business (Gartner, 2014). This stage is the one by which the businessperson concocts a forthcoming thought for another venture. Establishing the opportunity is not straightforward. Recognizable proof takes research, investigation, and assessment of current needs, requests, and patterns from purchasers and others (Aldrich & Martinez, 2010). With investigating and surveying, the item or administration can then develop. The association or individual can now develop what is missing so long as the market exists and is sustainable. If the market is mature, the window of opportunity is shut (Gartner, 2014). Qualities through advancement increase the value of an item, administration, or business. The qualities are durability, attractiveness, timeliness, and obsession to the item (Gartner, 2014). These four conditions are what the customer and end client need. Assessing the opportunity through watching natural strengths, social powers, innovation progresses, and political or administrative changes are attributes to flourishing in any industry (Aldrich & Martinez, 2010). From an individual viewpoint, identifying an opportunity and its assessment is the most critical component since it realizes the general patterns, risks, and needs that include the first thought which the entrepreneurial procedure can enhance.

The second stage is building up an effective strategy for the business. Marketable strategy advancement is a basic piece for presenting a proposition for an intrapreneurial or entrepreneurial business (Gartner, 2014). The business person builds up a depiction without bounds bearing of the business. A decent marketable strategy must be set up showing a particular opportunity (McCleary et al., 2006). The procedure in marketable strategy definition can be the most tedious stage for the individual business person or association. Testing the practicality of the thought gives the capacity to change the point of view from a thought to a marketable strategy. Business plan improvement is a piece of vital thinking and arranging and functions admirably with hierarchical exercises. On an individual level, the sole business person must depend on conceptualizing in smaller focus groups. From a corporate viewpoint, this is the basic component of the entrepreneurial procedure.

The third stage is actualizing the thought to an entrepreneurial firm by ascertaining the assets required. Determining assets needs is a prerequisite to opportunity and market strategy usage (McCleary et al., 2006). Evaluating the risks in relationship with inadequate or wrong assets must be separated from valuable ones (Aldrich & Martinez, 2010). The question that needs a reply here is: Can the association or individual propositioning the venture be fit for acquiring adequate assets to push ahead? (Gartner, 2014) The entrepreneurial procedure calls for securing money related and non-budgetary assets and additionally scholarly restrictive insurance where it applies (Aldrich & Martinez, 2010). Budgetary assets incorporate start-up costs, the money related execution of like business, and monetary attractiveness (McCleary et al., 2006). Non-monetary related assets include expertise and work pools for potential representatives (Gartner, 2014). Asset assignment and accessibility are critical to enterprises since supportability and benefit rely on upon appropriate arranging and comprehension the physical inner and outside situations. A case from an individual point of view is making an item using a producer that already exists instead of assembling the item themselves (Gartner, 2014).

The fourth stage is running the subsequent endeavor. When assets are secure with the entrepreneurial procedure, strategy for success usage can occur. Running an organization implies looking at operational issues that will happen when usage starts and all through the whole strategy for success cycle (Gartner, 2014). The administration procedure includes actualizing structure and business style while deciding factors for achievement (McCleary et al., 2006). Building up a control framework to distinguish and resolve any issues that arise will help in the administration procedure. The absence of experience can give the individual businessperson issues with business development and organization. Associations comprehend the business improvement, development, and supportability better than individuals much of the time since assets are simpler to access and use. Additionally, strategies with key administration and framework advancement cycles (Aldrich & Martinez, 2010). Individuals fare better in the entrepreneurial process by enhancing existing thoughts that have a solid buyer demand and focus.

The modern-day situations create an ever-expanding interest for quality health care and the consistent stream of technological advancement in the medical field change strain the relationship between doctors, association, and the community (McCleary et al., 2006). The connections between these doctors and associations exemplify a basic determinant for better living. Healthcare Providence is enhanced through business in association with existing health offices and doctors. The entrepreneurial process impacts the conveyance of healthcare administrations and product through sharing proprietorship in in healthcare issues and working towards getting answers for these issues. (Aldrich & Martinez, 2010). An extensive variety of variables impacts individuals and association in the entrepreneurship. These variables include ecological, social, personal, and financial impacts.

I would rank the decision to become an entrepreneur the first step; this would take the first position because without the craving then there will be no conceivable path by which an individual can push ahead in this procedure viably. I would rank creating an effective business plan as the second most imperative component because great business plans and ideas serve as the establishment for the future improvement of any great business. I would rank moving from a mere idea to an actualization third in this procedure, because in the entrepreneurial world, thoughts have no respect on the off chance that they can’t be connected adequately to the production of business by which to convey thoughts to fulfillment and reality. Running and developing the entrepreneurial firm would be ranked fourth in significance since all the first components culminate to this. Without this step, business cannot be realized. This step is additionally vital for survival and productivity of the business.

References

Aldrich, H. E., & Martinez, M. A. (2010). Entrepreneurship as social construction: a multilevel evolutionary approach. In Handbook of entrepreneurship research (pp. 387-427). Springer New York.

Gartner, W. B. (2014). Handbook of entrepreneurial dynamics: The process of business creation. Sage.

McCleary, K. J., Rivers, P. A., & Schneller, E. S. (2006). A diagnostic approach to understanding entrepreneurship in health care. Journal of health and human services administration, 550-577.