MANPREET KAUR

PGSF1920

ENTREPRENEURSHIP
Entrepreneurship is a process whereby an individual or group of individuals use organized
efforts to pursue opportunities, to create value and growth by fulfilling wants and needs through
innovation and uniqueness.

ENTREPRENEURIAL PROCES

Environmental Turbulence and Entrepreneurial intentions

IDEAS

OPPORTUNITY

Proof of concept/Pilot testing

Business plan

Growth/Scale

Sustain/Exit
 MANPREET KAUR
PGSF1920

ENVIRONMENT TURBULENCE AND ENTREPRENEURIAL

INTENTIONS
Entrepreneurial intentions and environment turbulence start before the process of
entrepreneurship. What leads to new product success (NPS) is a very complex issue and
environmental turbulence is a form of unpredictability which impacts on the success of a
product, unless the environment is turbulent the intentions can’t be generated. Environmental
turbulence positively affects the alertness to business ideas and entrepreneurial opportunities
which, in turn, affect intention toward entrepreneurship. Entrepreneurial intentions and
entrepreneurial process when combined together ignites entrepreneurship. If entrepreneurial
intentions are beyond the threshold the environment is more turbulent, a high entrepreneurial
intentions indicate that there will be generation of more ideas.

IDEAS
The process starts with the generation of ideas. For any entrepreneurial venture to start ideas
needs to be generated there are many sources through which new ideas can be generated these
include consumers, existing products and services etc. Not only generation of ideas is important
but they also need to be put in practice. An entrepreneurial must be an inventor and an innovator
so as to compete in a market. New idea is necessary but its development is also a requirement.

OPPORTUNITY
In the process of entrepreneurship the opportunities are analyzed through market estimation. The
market is segmented on the basis of total available market, serviceable and addressable market
and serviceable and obtainable market.

PROOF OF CONCEPT/PILOT TESTING

It is basically customer value proposition, how many customers will use your products, are
willing to pay you and how much money can you make out of it and to identify if there is
product market fit or not. This is called TRACTION
 MANPREET KAUR
PGSF1920

BUSINESS PLAN
The business plan is essential in launching a new venture. The result of many hours of
preparation will be a comprehensive, well-written, and well-organized document that will serve
as a guide to the entrepreneur and as an instrument to raise necessary capital and financing. The
business plan may be read by employees, investors, lenders, consultants etc. The scope of the
plan will depend on who reads it, the size of the venture, and the specific industry for which the
venture is intended.

GROWTH/SCALE
The next process is growth/scaling of the product after it is launched in the market. The activities
performed by the entrepreneur must be done keeping in mind the growth perspective of the
venture.

SUSTAIN/EXIT
The venture must be handled in such a way so that it it is sustainable it must stand out the
competition or else it won’t be able to survive for very long and eventually will have to exit from
the market.