Entrepreneurial Process Steps

The entrepreneurial process means that people want to establish their own business ideas and pass through different steps in order to create and build their business ideas into reality and then want to grow and stabilize the business in order to fulfill their interests that are suitable to their skills.

There are five steps in the Entrepreneurial Process:

1. Deciding To Become An Entrepreneur and Developing An Idea

Because people decide to become an entrepreneur and develop an idea for business. Because, people hates to work under the control of boss and wants to be own boss. They have special idea for the business. For Example, they want to run small business successfully. Examples are health and care business, consulting services businesses, selling of finished products like juices, ice creams, biscuits and so on. They want to run online business like blogging, freelancing, establishing E-Commerce sites, buying and selling domain and web hosting businesses, willing to provide SEO services and so on.

In this step, they focus on recognition of business opportunities and select those opportunities which are suitable to their passions and skills. They evaluate their worth and profitability and risk factors involved in it. Are these businesses ideas feasible or not?

2. Developing And Planning For Business Ideas

Now it is the time to develop a plan to fulfill the goals of the entrepreneurship. Entrepreneurs need to develop vision, mission statement of the business, creating feasibility analysis, Industry and Competitive Analysis, Business Models, etc. to reach ultimately goals for the viable business.

This step basically sets the Roadmap for achieving the goals of the business.

3. Turn The Idea Into Reality

Now it is the time to turn the business idea suitable to your passion and skills into reality. Establishing legal documents of the company, Forms of business Organizations, Building entrepreneur teams through selecting and recruitment process, Sources of Financing of the Firms to carry the business successfully are the steps taken in this process.

You may also be interested in The Process of Financial Management In An Entrepreneur

4. Ownership and Management Of The Business

Who is the owner of the company? What are the directors of the company? All steps are taken to establish Hierarchy of Management of the business.

5. Harvesting Or Growth And Development Of The Entrepreneur

In this step, actual performance is compared with the set results. If the business is running with stability, then, it is time to make entrepreneur market leader in the marketplace among its competitors. It is necessary to follow vision of the entrepreneur and take steps for the growth and development of the business in the future.

So, this is all about the Entrepreneurial Process Steps and these steps describe the whole process of Entrepreneurship for those who want to become entrepreneur and want to run the business successfully.