Decision Process of Entrepreneurship

The entrepreneurship decision process consists of the following stages:

1. Conduct Opportunity Analysis
2. Develop Business Plan
3. Set-up the Venture (Start up)
4. Acquire Financial Resources
5. Implement Business Plan  

1. Conduct Opportunity Analysis:

 The entrepreneurship generates new business ideas through opportunity analysis. A promising opportunity of value is identified and selected.

2. Develop Business Plan:

A business plan is developed as a road map of a new venture it describes the venture. It sets the goal to be achieved it states the process and technology to be used. It identifies the target market. It determines product, price, distribution and promotion aspects. It describes finance and management aspects. Critical risks are assessed. Milestones are sets for implementation.

3. Set-up the Venture (Start Up):

The New venture is established. The legal aspects of the venture is determined. The legal form can be proprietorship, partnership and company. Site for the venture is selected. The scope can be service, manufacturing, construction, infrastructural activities.
4. Acquire Financial Resources:
Various options available for financing the new venture are examined. Early stage funding can be from self, family, friends and government sources. Growth stage funding an be debt from financial institutions or public offer of shares.
5. Implement Business Plan:
The venture is organized. Human resources are acquired and developed. The entrepreneur builds a management team. The value of intellectual property consisting of patents, trademark and copyright is protected. An e-business strategy is developed. The new venture becomes operational.