THE ENTREPRENEURIAL

PROCESS
ENTREPRENEURIAL PROCESS
• DECIDING TO BECOME AN ENTREPRENEUR
• DEVELOPING A SUCCESSFUL BUSINESS IDEA
• MOVING FROM AN IDEA TO AN ENTREPRENEURIAL FIRM
• MANAGING AND GROWING THE ENTREPRENEURIAL FIRM.
 DECIDING TO BE AN ENTREPRENEUR

TO BE THE

FOR FINANCIAL
TO IMPLEMENT AN IDEA REWARD
DEVELOPING A SUCCESSFUL BUSINESS IDEA
RECOGNIZING
OPPORT-
UNITIES AND
FEASIBILITY
GENERATING
ANALYSIS
IDEAS
WRITING A
BUSINESS
PLAN
INDUSTRY &
COMPETITOR
ANALYSIS DEVELOPING
AN EFFECTIVE
BUSINESS
MODEL
AN IDEA AND AN OPPORTUNITY
AN IDEA, IS A
THOUGHT,
IMPRESSION A
NOTION, OR A
COURSE OF
ACTION

AN OPPORTUNITY IS A FAVOURABLE SET OF

CIRCUMSTANCES THAT CREATES A NEED FOR A
NEW PRODUCT, SERVICE OR BUSINESS.
 OPPORTUNITY

ATTRACTIVE TIMELY

OPPORTUNITY

ANCHORED IN A PRODUCT,
SERVICE OR BUSINESS THAT
DURABLE
CREATES OR ADDS VALUE FOR
ITS BUYER OR END USERS
APPROACHES TO IDENTIFYING AN
OPPORTUNITY

SOLVING A FINDING GAPS IN

OBSERVING TRENDS
PROBLEM THE MARKET PLACE
 OBSERVING TRENDS
• ECONOMIC TRENDS
• State of economy
• Level of disposable income
• Consumer spending pattern
• SOCIAL TRENDS
• Social and cultural trends. Demographic changes, What people think is in
• TECHNOLOGICAL ADVANCES
• New Technologies, Emerging technologies, New uses of old technologies
• POLITICAL ACTIONS REGULATORY CHANGES.
• New changes in political arena, changes in laws and regulations
ENVIRONMENTAL FACTORS AND IDENTIFYING
BUSSINESS GAPS
ECONOMIC FORCES

SOCIAL FORCES BUSINESS NEW BUSINESS, PRODUCT

PRODUCT, SERVICE AND SERVICES IDEAS
OPPORTUNITY GAP
TECHNOLOGICAL
ADVANCES

POLITICAL &
REGULATORY
CHANGES
 SOLVING A PROBLEM
• OBSERVING CHALLENGES PEOPLE FACE IN THEIR DAILY LIVES OR BY
INTUITION SERENDIPITY OR BY CHANCE.
• COFEE CUP SLEEVE, WAITING FOR AN ELEVATOR, PORTABLE SOLAR
LIGHTS,
 FINDING GAPS IN THE MARKET PLACE
• CONCENTRATION ON THE MASS CONSUMPTION PRODUCTS OR HIGH
MARGIN PRODUCTS CREATES GAPS IN THE MARKET
• WOMEN’S GUITAR, ODD SIZE CLOTHING, 24 HOURS FITNESS SHOPS
DEVELOPING A SUCCESSFUL BUSINESS IDEA
RECOGNIZING
OPPORT-
UNITIES AND
GENERATING FEASIBILITY
IDEAS ANALYSIS

WRITING A
BUSINESS
PLAN
INDUSTRY &
COMPETITOR
ANALYSIS DEVELOPING
AN EFFECTIVE
BUSINESS
MODEL
FEASIBILITY ANALYSIS
PRODUCT?

FINANCE?

ORGANIZATION INDUSTRY /
? MARKET?
 PRODUCT?

IS THERE
IS MY DEMAND
PRODUCT FOR MY
DESIRABLE PRODUCT?
?
PRODUCT / SERVICE FEASIBILITY
• PRODUCT OR SERVICE DESIRABILITY – CONCEPT TEST (
EXPERT/ PROSPECTIVE CUSTOMER)
• WILL THE CUSTOMERS GET EXCITED ABOUT?
• DOES IT TAKE ADVANTAGE OF AN ENVIRONMENTAL
TREND, SOLVE A PROBLEM OR FILL A GAP IN THE
MARKETPLACE?
• IS THIS A GOOD TIME TO INTRODUCE THE PRODUCT OR
SERVICE TO THE MARKET?
• ARE THERE ANY FATAL FLAWS IN THE PRODUCT OR
SERVICE BASIC DESIGN OR CONCEPT?
PRODUCT / SERVICE FEASIBILITY

•PRODUCT DEMAND
•IS THERE A DEMAND
•BUYING INTENTION SURVEY
•LIBRARY, INTERNET, GUMSHOE
RESEARCH.
 INDUSTRY/
MARKET?

IS MY
IS MY MARKET
INDUSTRY ATTRACTIVE
ATTRACTIVE ?
?
INDUSTRY

•IS INDUSTRY ATTRACTIVE

•IS IT GROWING?
•IS THERE RIVALRY
•IS IT SELLING MUST HAVE OR
WANT TO HAVE PRODUCTS
•IS IT CROWDED
TARGET MARKET
•IS IT LARGE ENOUGH
•WILL IT ATTRACT COMPETITION?
•IS THERE RIVALRY
•IS IT NEW PRODUCT IN EXISTING
MARKET
•IS IT NEW MARKET FOR EXISTING
PRODUCT
 ORGANIZATION?

RESOURCE
CAPABILITY SUFFICIENCY
OF
MANAGEMENT
 FINANCE?

TOTAL START
UP CASH OVERALL
NEEDED FINANCIAL
ATTRACTIVE
FINANCIAL NESS
PERFORMANCE
OF SIMILAR
BUSINESS