1.1 ENTREPRENEURIAL PROCESS

The entrepreneurial process involves seven steps, namely:

a)       Business idea

b)      Product

c)       Market

d)      Organization

e)       Group Expertise

f)       Group Commitment

g)      Customer Relations

Business idea

Write a business plan for commercial purposes. It typically centers on a commodity or service that can be sold for money.

It may lead to profitable business if introduced at the right time, when demand for such service or a product introduced by the idea is expected to surge.

Product

Gather information about customers’ needs ad also market demand. Product is the best medium to drive a business to success. An entrepreneur is an innovative person that creates or manipulates a product of the market.

Market

An analysis can be conducted to study the attractiveness and the dynamics of a special market within a special industry. Through all these analyses the strengths, weaknesses, opportunities and threat (SWOT) of a company can be identified. Finally, to complete the process, business strategies of a company will be defined. Talking to customers is also important step towards convincing them to buy a product.

Organization

A social entity has a collective goal and is lined to an external environment. An organization focuses on optimizing organizational structure such as hiring people and distributing tasks.

Group Expertise

In order to ensure a successful business, a group of experts should be gathered and allocate each task to the right hand and match the business idea by a group of expertise thus make the business more convincing.

Group Commitment

By distributing tasks, each member must make binding commitment to ensure the business runs smoothly. A high level of ethicality among members of the group is also associated with high level of commitment.

Customer Relations

Customer relations can be critical in ensuring the survival of business. A wide network of customer relations could determine the success of business. Not entrepreneurial process is complete without exploitation of ideas. The value of any smart and revolutionary idea is created only when someone acts upon it. In this process, an entrepreneur must be prepared to overcome all risks.