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Entrepreneurial Process – Process of Entrepreneurship | Management Notes

Entrepreneurial Process/ Process of Entrepreneurship

What is entrepreneurial process?

Entrepreneurial Process is a process of pursuing a new venture that involves more than just problem-solving in a typical management position. Entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch new ventures more efficiently. An entrepreneur must find, evaluate, and develop an opportunity by overcoming the forces that resist the creation of something new. Effective entrepreneurial teams combine Skilled Resources.

Before you take the bold step to become an entrepreneur, you need to understand the entrepreneurial process, and how you can use it to ensure your success. You need to know that just as Rome wasn’t built in a day, your dreams probably won’t too, and you need to understand that not paying attention to certain details and not changing bad tactics fast, will lead to the end of your small business.

Steps of entrepreneurship development

Entrepreneurial Process takes place in the following phases:

1) Identification and evaluation of the opportunity

Identification and evaluation of the opportunity

An entrepreneurial process begins with the idea generation, wherein the entrepreneur identifies, evaluates the business opportunities, and studies the market. This is a very difficult task. The entrepreneur must all by himself identify the opportunity because the opportunity did not suddenly appear. Once the opportunity has been decided upon, the next step is to evaluate it.

An entrepreneur can evaluate the efficiency of an opportunity by continuously asking certain questions to himself, such as, whether the opportunity is worth investing in, is it sufficiently attractive, are the proposed solutions feasible, is there any competitive advantages, what is the risk associated with it.

2) Development of the business plan

Development of the business plan

Once the opportunity is identified, an entrepreneur needs to create a comprehensive business plan. A business plan is critical to the success of any new venture since it acts as a benchmark and the evaluation criteria to see if the organization is moving towards its set goals.

An entrepreneur must dedicate his sufficient time towards its creation, the major components of a business plan are mission and vision statement, goals and objectives, capital requirement, a description of products and services, etc.

3) Determination of the Required Resources

In this step, the entrepreneur identifies and acquires the sources from where the finance and the human resource can be arranged. Here, the entrepreneur finds the investors for its new venture and the personnel to carry out the business activities.

4) Management of the resulting enterprise

Here, the entrepreneur operates the business and utilizes resources to achieve goals/objectives. Once the funds are raised and the employees are hired, the next step is to initiate the business operations to achieve the set goals. First of all, an entrepreneur must decide the management structure or the hierarchy that is required to solve the operational problems when they arise.

5) Harvesting


The final step in the entrepreneurial process is harvesting wherein, an entrepreneur decides on venture’s future growth, development or demise. Here, the actual growth is compared against the planned growth and then the decision regarding the stability or the expansion of business operations is undertaken accordingly, by an entrepreneur.

The entrepreneurial process is to be followed, again and again, whenever any new venture is taken up by an entrepreneur, therefore, its an ever-ending process.

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Masters in Leadership and Management

Leading and managing teams and organizations is the focus of a master’s degree in leadership and management. The content of this type of program usually focuses on topics like strategic planning, decision-making, communication, conflict resolution, and change management.

Leaders and managers who are interested in improving their leadership and management skills are encouraged to apply. People who are seeking to advance their careers or take on more leadership roles within their organizations often pursue this type of degree.

List of Masters in Leadership and Management

1. Master of Business Administration in Leadership and Management
2. Master of Science in Leadership and Management
3. Master of Arts in Leadership and Management
4. Master of Education in Leadership and Management
5. Master of Public Administration in Leadership and Management
6. Master of Health Administration in Leadership and Management
7. Master of Nonprofit Management and Leadership
8. Master of Social Work in Leadership and Management
9. Master of Sports Leadership and Management
10. Master of Project Management with a focus on Leadership and Management

Top 20 colleges of masters in leadership and management

1. Harvard Business School
2. Stanford Graduate School of Business
3. University of Pennsylvania’s Wharton School
4. Massachusetts Institute of Technology’s Sloan School of Management
5. Columbia Business School
6. University of Chicago’s Booth School of Business
7. Dartmouth College’s Tuck School of Business
8. Northwestern University’s Kellogg School of Management
9. Yale School of Management
10. Duke University’s Fuqua School of Business
11. University of California, Berkeley’s Haas School of Business
12. University of Michigan’s Ross School of Business
13. University of Virginia’s Darden School of Business
14. University of North Carolina’s Kenan-Flagler Business School
15. University of Texas at Austin’s McCombs School of Business
16. University of Notre Dame’s Mendoza College of Business
17. University of Wisconsin-Madison’s School of Business
18. Boston College’s Carroll School of Management
19. University of Georgia’s Terry College of Business
20. University of Maryland’s Smith School of Business

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