- Practice · 4 marks
Steps in the entrepreneurial process
Short answer
The process runs from opportunity identification, evaluation, business plan, resource mobilisation, launch, management and growth, to exit or harvest. Feedback after launch often sends the founder back to alter the product or plan.
Write short notes on the entrepreneurial process.
The entrepreneurial process is the sequence of steps by which an idea becomes an operating venture.
- Opportunity identification: observe problems, trends and unmet needs; generate ideas.
- Opportunity evaluation: test whether the idea is feasible, has enough customers, and fits the founder's skills.
- Business plan development: define product, market, operations, team and finance.
- Resource mobilisation: gather capital, people, equipment, premises and legal registration.
- Launch: start operations, first sales and feedback collection.
- Management and growth: control costs, build the team, scale up.
- Harvest or exit: continue as owner, sell, merge or go public.
Opportunity -> Evaluate -> Plan -> Resources
|
Exit <- Growth <- Launch <---+
A venture often loops back: feedback after launch can send the founder back to change the product or plan.
Answer: Identify and evaluate an opportunity, plan, mobilise resources, launch, grow and finally exit or harvest.
✓ Answer checked by Claude Opus 5.5 (high effort)
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