Scribd
Upload
64 views10 pages

Entrepreneurial Decision Process Steps

The document discusses the entrepreneurial decision process, emphasizing the importance of identifying business opportunities, organizing resources, and taking risks to create or improve ventures. Key elements of entrepreneurship include innovation, risk-taking, and opportunity recognition, alongside the need for a viable business idea and market research. It outlines the steps in the entrepreneurial decision process, including developing a business plan, discovery, harvesting, managing the company, and resourcing.

Uploaded by

singineer35
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
64 views10 pages

Entrepreneurial Decision Process Steps

The document discusses the entrepreneurial decision process, emphasizing the importance of identifying business opportunities, organizing resources, and taking risks to create or improve ventures. Key elements of entrepreneurship include innovation, risk-taking, and opportunity recognition, alongside the need for a viable business idea and market research. It outlines the steps in the entrepreneurial decision process, including developing a business plan, discovery, harvesting, managing the company, and resourcing.

Uploaded by

singineer35
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

TOPIC ON

ENTREPRENEURIAL DECISION
PROCESS

SUBMITTED BY - SOUMYA PANDEY


SUBMITTED TO - SONU SIR
ENTREPRENEURSHIP
• ENTREPRENEURSHIP IS THE PROCESS OF IDENTIFYING A BUSINESS OPPORTUNITY,
ORGANIZING RESOURCES, AND TAKING RISKS TO CREATE AND RUN A NEW VENTURE OR
IMPROVE AN EXISTING ONE. IT INVOLVES DEVELOPING INNOVATIVE IDEAS, SOLVING
PROBLEMS, AND DELIVERING PRODUCTS OR SERVICES THAT MEET MARKET NEEDS.
• ENTREPRENEURSHIP TYPICALLY INCLUDES THE FOLLOWING ELEMENTS:
[Link]: DEVELOPING NEW IDEAS, PRODUCTS, OR SERVICES THAT BRING VALUE TO
CUSTOMERS.
[Link]-TAKING: ASSUMING FINANCIAL AND PERSONAL RISKS TO START AND GROW A
BUSINESS.
[Link] RECOGNITION: IDENTIFYING UNMET NEEDS OR GAPS IN THE MARKET.
NEEDS OF ENTREPRENEURSHIP

• 1. A VIABLE BUSINESS IDEA


• AN INNOVATIVE AND MARKETABLE IDEA THAT ADDRESSES A SPECIFIC PROBLEM
OR FULFILLS AN UNMET NEED.
• THE FOUNDATION OF ANY ENTREPRENEURIAL VENTURE.
• 2. MARKET RESEARCH AND KNOWLEDGE
• UNDERSTANDING CUSTOMER NEEDS, MARKET TRENDS, COMPETITION, AND
DEMAND.
• DATA-DRIVEN INSIGHTS TO MAKE INFORMED DECISIONS.
types of Entrepreneurship
• 1. SMALL BUSINESS ENTREPRENEURSHIP
• FOCUS: RUNNING AND MANAGING SMALL, LOCALLY-FOCUSED BUSINESSES.
• EXAMPLES: GROCERY STORES, HAIR SALONS, CAFES, AND LOCAL REPAIR SHOPS.
• OBJECTIVE: GENERATING STEADY INCOME FOR THE ENTREPRENEUR AND THEIR FAMILY.

• 4. INTRAPRENEURSHIP
• FOCUS: ENTREPRENEURIAL INITIATIVES WITHIN AN EXISTING ORGANIZATION.
• EXAMPLES: DEVELOPING NEW PRODUCTS, SERVICES, OR PROCESSES FOR A
COMPANY.
• OBJECTIVE: DRIVING INNOVATION AND GROWTH WITHIN A LARGER ORGANIZATION.
ENTREPRENEURIAL DECISION PROCESS
1 -DEVELOPING A BUSINESS PLAN
•Recognizing Opportunities – Identifying market gaps, trends, and
personal strengths.
•Developing a Business Plan – Crafting a roadmap detailing objectives,
strategies, target market, operations, and finances.

2 -discovery
•Innovative Concepts: Explore how new technologies or
approaches can address these problems.
•Competitive Analysis: Evaluate existing competitors and their
limitations.
3- HARVESTING
•Realizing Value: Converting the investment in the business (time, effort, and capital)
into tangible financial gains.

•Exit Strategy: Preparing for an eventual transition or exit from the business.

4- Managing company
Mission and vision – Reaffirm the core purpose of the business and the long term vision.

Smart goals- Set specific, measurable, achievable ,relevant and time bound goals to guide
process.
5- RESOURCING

•Leadership and Management: As the business grows, having strong leadership


in place, including managers and department heads, becomes essential.

•Outsourcing: For specialized tasks (e.g., accounting, legal work, IT), consider
outsourcing to experts or hiring freelancers instead of in-house employees.

You might also like