Today, entrepreneurship has evolved beyond the classic startup notion to include companies and organizations of all types, in all stages. Thus, entrepreneurship can occur-and fail to occur-in firms that are old and new; small and large; fast and slow growing; in the private, not-for-profit, and public sectors; in all geographic points; and in all stages of a nation's development, regardless of politics. Entrepreneurial leaders inject imagination, motivation, commitment, passion, tenacity, integrity, teamwork, and vision into their companies. They face dilemmas and must make decisions despite ambiguity and contradictions. Very rarely is entrepreneurship a get-rich-quick proposition. On the contrary, it is one of continuous renewal, as entrepreneurs are never satisfied with the nature of their opportunity.
Successful entrepreneurs tend to follow a multi-step process on four main elements to achieve their goals. These processes include identifying an opportunity, developing a business plan, determining the resources needed, and finally managing the newly developed enterprise (Hirsh, Peters, & Sheppard, 2005). A clear understanding of the entrepreneurial process is an important step in understanding the functions of a business administrator or assessing if entrepreneurship is the right fit for an individual. The order of the entrepreneurial process is important for proper fulfillment and to improve the odds of success (Barringer & Ireland, 2008). Some elements of the process are most important to the individual perspective, whereas other elements are most important from the corporate perspective. Finally, the entrepreneurial process has influenced the delivery of health care by affecting the scope of discovery, and the speed of delivery. A wide range of factors could influence someone to become an entrepreneur, including environmental, social, personal ones, or a combination of them. After one decides to be an entrepreneur, there are four steps of the entrepreneurial process he/she has to follow, spot and assess the opportunity, draw up a business plan, establish the resources needed and get them, and run the company created.
The first step is spotting and assessing the opportunity, to identify and analyze its potential in terms of market needs, competitors and market potential, and product lifecycle. It is important for the entrepreneur to test his/her business idea/concept with potential customers, asking if they would buy the product or service, doing some research to find the market size and whether it is growing, stable, or stagnating, finding out about his/her competitors strengths and weaknesses, threats and opportunities
The process of starting a new venture is embodied in the entrepreneurial process, which involves more than just problem solving in a typical management position. An entrepreneur must find, evaluate, and develop an opportunity by overcoming the forces that resist the creation of something new. The process has four distinct phases: (1) identification and evaluation of the opportunity, (2) development of the business plan, (3) determination of the required resources, and (4) management of the resulting enterprise. Although these phases proceed progressively, no one stage is dealt with in isolation or is totally completed before work on other phases occurs. For example, to successfully identify and evaluate an opportunity (phase 1), an entrepreneur must have in mind the type of business desired (phase 4).
Identify and Evaluate the Opportunity
Opportunity identification and evaluation is a very difficult task. Most good business opportunities do not suddenly appear, but rather result from an entrepreneur's alertness to possibilities, or in some case, the establishment of mechanisms that identify potential opportunities.
For example, one entrepreneur asks at every cocktail party whether anyone is using a product that does not adequately fulfill its intended purpose. This person is constantly looking for a need and an opportunity to create a better product. Another entrepreneur always monitors the play habits and toys of her nieces and nephews. This is her way of looking for any unique toy product niche for a new venture.
Although most entrepreneurs do not have formal mechanisms or identifying business opportunities, some sources are often fruitful: consumers and business associates, members of the distribution system, and technical people. Often, consumers are the best source of ideas for a new venture. How many times have you heard someone comment, "If only there was a product that would
Entrepreneurial process and how this process can be applied in healthcare
During this essay i will discuss exactly what the entrepreneurial process is and will then go onto discuss the definition of a small to medium sized enterprise (healthcare) and how the entrepreneurial process can be applied within a healthcare.
firstly a healthcare can be officially be describe as a firm which has no more than 250 employees, a maximum annual turnover of no more than £11.2million and a maximum annual balance sheet of no more than £5.6million. The previous figures are the maximum to classify a medium sized business, however for a smaller size business they vary slightly. a small sized business can be classified as having a maximum of 50 employees, maximum annual balance sheet of £1.4million and a maximum annual turnover of &p