The Stages Of The Entrepreneurial Process - 2056 Words

The corridor principle refers to the idea that with every new business venture pursued, there is often an unplanned and different opportunity that can be a result of its launch. (Morris, Kuratko, Covin, p.31) In other words, even with failure comes opportunity for success. This principle is related to the myth that most entrepreneurial initiatives fail. Although failure do arise, other great ideas may be sparked as a result of those failures which may result in unexpected success in a different direction. Identify and define the six stages of the entrepreneurial process outlined in the text. How is â€Å"opportunity† defined? How is a â€Å"business concept† defined? The six stages of the entrepreneurial process include identifying the opportunity, defining the business concept, assessing the resource requirements, acquiring the necessary resources, implementing and managing the concept, and harvesting the venture. In order to be successful, it takes more than an idea for a product or service. Instead, an opportunity, or as the book defines it as â€Å"a favorable set of circumstances creating a need or an opening for a new business concept,† must be present in order to begin in entrepreneurial ventures. The idea at hand must be satisfying a need or relevant want for the targeted consumers. It also must be appealing to a sizable target market size as a decent sized market is necessary for making sales. This is why it is so important for an entrepreneur to identify a specificShow MoreRelatedEntrepreneural process1087 Words   |  5 PagesEntrepreneurial Process HCS/567 September 16, 2013 Peter Albright Entrepreneurial Process Entrepreneurs are inclined to pursue a four-step method to realize their goals. The four steps include identifying opportunities, developing a plan, determining the resources needed, and lastly managing the newly developed enterprise (Hirsh, Peters, Sheppard, 2005). A well-defined grasp of the risk-taking progression is very significant in knowing the steps of a company officer or measuringRead MoreJetblue Airways: Starting From Scratch - Case Analysis Essay1121 Words   |  5 Pageslatest entrant in the airlines industry has gone through the initial stages (entrepreneurial and collectivity) of the organizational life cycle rapidly under the successful leadership of David Neelman. JetBlue Airways is currently in the formalization stage of the life cycle where in it needs to create procedures and control systems to effectively manage its growth. Also as it proceeds to grow further to reach the elaboration stage, JetBlue needs to continue to align itself with the environment inRe ad MoreBiography Of Joseph Schumpeter ( 1883-1950 )933 Words   |  4 Pagesunderstanding entrepreneurship and innovation and application of that understanding. Entrepreneurship Entrepreneurship is an organized effort that is aimed at pursuing a unique, innovative opportunity so as to make quick, profitable growth. Similarly, entrepreneurial opportunities are those circumstances where new goods, services, raw materials and organizing methods may be brought into the market at be sold at a higher value than their cost of production. These opportunities can be differentiated from otherRead MoreTaxation On Entrepreneurs Should Not Be Changed1183 Words   |  5 Pagesit’s valuable to meet others in the same formative stage. It is useful to think about the entrepreneurial procedure in three stages: Inspirational – potential business people hunting down circumstances; Start-up – beginning an organization; Scale-Growth – extending yearly income past $1 million. †¢ Celebrate and perceive effective nearby business people. †¢ Return to your administrative surroundings. Streamline your zoning endorsement process. †¢ Welcome foreigners – Immigrants have been twiceRead MoreJetblue Airways: Starting from Scratch - Case Analysis Essay1125 Words   |  5 Pageslatest entrant in the airlines industry has gone through the initial stages (entrepreneurial and collectivity) of the organizational life cycle rapidly under the successful leadership of David Neelman. JetBlue Airways is currently in the formalization stage of the life cycle where in it needs to create procedures and control systems to effectively manage its growth. Also as it proceeds to grow further to reach the elaboration stage, JetBlue needs to continue to align itself with the environment inRead MoreIs Turkey A Free Enterprise Economic System?776 Words   |  4 Pagesthat the free-enterprise economic system, all over the world encourages entrepreneurship because it permits individual s freedom to create and produce. This is not the case always, for example the culture plays an important role in this entrepreneurial process. Turkey has a stable economic and political conditions, variety of industries are performing well in the domestic market, the customers are early adopters which are all good signs for entrepreneurship, but only 6% of the population of entrepreneursRead MorePlanning For Long Term Success1009 Words   |  5 Pagessuccessful business is like a road map covering all the highways and streets of the organization. The organization must be able to give a complete plan of the necessary task to keep the business moving from stage to stage. There are critical developing task to successfully grow in each stage of the business life term. An organization can start with a strong foundation by using some key components with development. The development skills have to cover the necessary requirements to be able to keepRead MorePlanning For Long Term Success1014 Words   |  5 Pagessucce ssful business is like a road map covering all the highways and streets of the organization. The organization must be able to give a complete plan of the necessary task to keep the business moving from stage to stage. There are critical developing task to successfully grow in each stage of the business life term. An organization can start with a strong foundation by using some key components with development. The development skills have to cover the necessary requirements to be able to keepRead MoreThe Entrepreneurial Process1267 Words   |  6 Pages The Entrepreneurial Process Many successful entrepreneurs tend to follow a process to develop their businesses. This process contains four stages toward achieving their dreams. The processes are identifying an opportunity, developing a business plan, assessing the need for resources, and finally developing a management program designed to achieve success. The entrepreneur must develop an understanding of this process as an important step. Developing an understanding of the entrepreneurial processRead MorePlanning for Long-Term Success of a Business1051 Words   |  4 Pageslong-term success of a business venture or enterprise is the consideration of developmental tasks. Once an organization has identified its business foundation, the next process is to develop tasks that are necessary in determining success in every stage of growth. The processes of developing tasks that influence success in every stage of growth include identifying the various developmental tasks. Generally, there are six developmental tasks that are critical for the long-term success of a business enterprise