Abosede Ajala

The entrepreneurial process or stages that need to happen to start a business is not easy for anyone. Many people have reasons to be an entrepreneur, but do all have what it takes starting a business? It is rear to see people who think and act but it is great to know that these process or stages of entrepreneurial development can be established one step at a time.
Great entrepreneurs do continue on this lifestyle which is why they are truly great. The entrepreneurial mindset takes the development of a person which goes further than education, it requires various factors to take place. The stages are:
§ The idea or business conception
§ Project creation and the events that triggers operations
§ Decision Making
§ Implementation and Growth
§ Short and Long-term Plan
§ Factors for development drive of the business at each stage
§ Sociological Networks
§ Parents/Family Role
§ Environment and Government policy
§ Entrepreneur Leadership
§ Manager Commitment Vision
§ Organizational Strategy
§ Structure Culture Products
§ Businesses Competitors
Entrepreneurship is described as the pursuit of market opportunities to create future innovative goods and services discovered, evaluated and exploited to extract social and economic value from the environment, leading ultimately to new independent business and venture creation.
The highly complex process of new venture creation is embodied in entrepreneurship, therefore, at start-up, the entrepreneurship process is a course of action that involves all functions, activities and actions associated with identifying and evaluating perceived opportunities and the bringing together of resources necessary for the successful formation of a new firm or business to pursue and seize the said opportunities.
Once set up, the process of entrepreneurship becomes effectively a unique progression of opportunity targeting and making strategic decisions regarding the allocation of scarce resources in pursuit of value adding opportunities.
The idea or business conception:
These are some of the things that runs through the mind of an entrepreneur, he or she thinks about the product or services, how to improve on it, how to generate an income to cover all expenses etc. it was a little bit easier in the past to set up a business but now it requires a thorough search for information and market analysis to see the possibility of success.
Therefore, at this junction the entrepreneurial process shows that to some people the idea generation could be easier but the step towards making or taking a decision can be put on hold or even abandon the idea from starting the business.