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Four Steps of the Entrepreneurial Process

Four Steps of the Entrepreneurial Process:

Deciding to become an entrepreneur
Developing successful business ideas
Moving from an idea to an entrepreneurial firm
Managing and growing the entrepreneurial firm

Rank the importance of each element in the entrepreneurial process.

i. Explain why you have placed the elements in that order.
ii. Describe which elements are the most important from an individual perspective.
iii. Describe which elements are most important from a corporate perspective.
iv. Discuss how the entrepreneurship process has influenced the delivery of health care services and products.

Solution Preview

i. I would rank deciding to become an entrepreneur as number one, due to the fact that without the desire to become an entrepreneur then there will be no possible way by which an individual can move forward in this process effectively. I would rank developing successful business ideas as the second most important element, due to the fact that good business ideas serve as the foundation for the future development of any good business. I would rank moving from an idea to an entrepreneurial firm third in this process, due to the fact that in the entrepreneurial world, ideas have no value if they cannot be applied effectively to the creation of a business by which to bring ideas to fruition and reality. I would rank managing and growing the entrepreneurial firm fourth in importance, due to the fact that the preceding elements are all necessary in order to have a firm by which to manage and grow. Managing and growing the firm is necessary in order for the survival and profitability of ...

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