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Assignment No:02

Submitted to:
Sir Umar Usman

Submitted by:
Hamza Bari

Roll No:
2k16-BBA-09

Subject:
Entrepreneurship

Topic:
Aspects of Entrepreneurial Process

Date:
10/01/2019

NFC-IET MULTAN
ENTREPRENEURIAL PROCESS:
The entrepreneurial process is a process of pursuing a new
venture that 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 Phase:


 Identification and evaluate the opportunity
 Developing business plan
 Resources requirement
 Managing the enterprise
Identify and Evaluate Opportunity:
The entrepreneur begins to wonder why there is not
available a product or service, why not improve certain things, how to generate income to cover their
expenses, etc. Thousands of questions might rise, so them will help to identify opportunities to meet the
market needs.

Opportunity Assessment
The process of evaluating an idea, concept, or opportunity to determine
whether there is sufficient strategic, market, and financial merit for continued consideration and possible
development into a product. Generally, results in the recording of an Opportunity Statement.

Real and Perceived Values of Opportunity


Real value and perceived value are two ways to measure the
value of a given product offered for sale. Real value refers to how much it cost to produce the product,
how useful it is to the buyer and how much value its individual components have. Perceived value is a
more abstract measurement that represents how much customers feel a product is worth. Either measure
of value can be higher than the other, and both types of value can change over time.

Risk and Return of Opportunity


Several entrepreneurs have been asking about how risk and return
relate to investment in their companies by outside capital providers. Thanks to 36 months of very poor
performance in the stock markets, risk and expected return are once again very much on the minds of
potential investors when they screen business opportunities.

Opportunity Versus Personal Skills and Goals


Definition of entrepreneurial opportunity. Entrepreneurial
opportunity emerges at the nexus of individual aspirations with economic and social conditions perceived
as favourable to create a new product or service, either in an existing market or a new one.

Competitive Environment
A competitive environment is the dynamic external system in which a
business competes and functions. Look at fast food restaurants - there are so many to choose from;
the competition is high

Developing Business Plan:


A critical point in the entrepreneurial process is deciding to start the
project. Be active and stay motivated are the main factors for the entrepreneur to start landing his idea.
Asking what resources are needed and where he will get them, is vital to generate at least one way
forward for the entrepreneur. The development of the business plan will mark only a guide that can be
used as reference.

Executive Summary

The executive summary is basically the elevator pitch for your business. It di stills
all the important information about your business plan into a relatively short space. It’s a high-level look at
everything and should include information that summarizes the other sections of your plan. One of the
best ways to approach writing the executive summary is to finish it last so you can include the important
ideas from other sections
Business Description

This is your chance to describe your company and what it does. Include a look at
when the business was formed, and your mission statement. These are the things that tell your story and
allow others to connect to you. It can also serve as your own reminder of why you got started in the first
place. Turn to this section for motivation if you find yourself losing steam.

Market Analysis

This is your chance to look at your competition and the state of the market as a whole.
Your market analysis is an exercise in seeing where you fit in the market — and how you are superior to
the competition.

Organization and Management

Use this section of your business plan to show off your team superstars.
In fact, there are plenty of indications that your management team matters more than your product idea or
pitch. Venture capitalists want to know you have a competent team that has the grit to stick it out. You are
more likely to be successful and pivot if needed when you have the right management and organization
for your company.

Sales Strategies

Your sales strategy section should include information on your web development efforts
and your search engine optimization plan. You want to show that you’ve thought about this, and you’re
ready to implement a plan to ramp up sales.

Financial Projections

Finally, the last section of your business plan should include financial projections.
Make sure you summarize any successes up to this point. This is especially important if you hope to
secure funds for expansion of your existing business.

Resources Requirements:
The project is conducted when the entrepreneur decides to seek and
obtain resources. Getting financiation is difficult, and perhaps one of the main obstacles to start a
business. When the entrepreneur begins to invest the resources and begin operating, it is a point release
of stress, as the entrepreneur will see the first steps of his company.

 The entrepreneurs can structure a deal that enable the resources to acquired at the lowest
possible cost
 The entrepreneur also need to identify alternative supplier of the resources.
 An entrepreneur should strive to maintain as large as ownership position as possible particularly
in the startup stage

Manage the Enterprise:


 This involves implementing a management style and structure as well as determining the key
variables of success
 The operational problems of the growing enterprise must also be examined
 After resources are acquired the entrepreneur must use them to implement the business plan