Entrepreneurship Development

Process of Entrepreneurship

The entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch the new ventures more efficiently.

(1) Change in the real world: Any change in the social economic environment may result in the change of life styles. Change in the life styles paves the way for new products. The new products are developed through developing the new ideas.

(2) New Environment, New styles ask for new ideas: New product ideas can be derived from many sources like customers and competitors. Good ideas come from inspiration, perspiration and techniques. Then the generated ideas are screened to identify the best one and drop the poorer one as early as possible.

(3) Short listing: After completing the screening process, the short listed ideas are developed into products for developing the new product. The entrepreneur is required to start its project/ venture. Starting a new venture is considered to be third stage.

(4) Mobilization of resources: After starting the venture the entrepreneur is supposed to arrange the resources for the working of the venture. So, the mobilization of internal resources is the next stage in the process of entrepreneurship. Use of internal resources may also be sometimes known as entrepreneurship.

(5) Coordination: The success of a venture depends to a large extent upon the coordination of efforts and resource. An entrepreneur has to coordinate and organise various activities to achieve the organizational goals. This is considered to be last stage.

So, it can be stated that there may be various ways through which one may become an entrepreneur such as acquiring a running enterprises, starting a new business, acquiring a franchise i.e, running a business based on the right to manufacture something granted by a manufactures or other organisation.

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