ENTREPRENEURSHIP CHAPTER 3 ENTREPRENEURIAL PROCESS Prof.Dr.Huseyin ARASLI 2015

ENTREPRENEURIAL PROCESS MAKING A DIFFERENCE: ENTREPRENEURSHIP AND THE DRIVE FOR CHANGE ENTREPRENEURSHIP IS ABOUT BRINGING ABOUT CHANGE AND MAKING A DIFFERENCE THE ENTREPRENEUR IS CONCERNED WITH IDENTIFYING THE POTENTIAL FOR CHANGE HE OR SHE EXISTS IN A STAGE OF TENSION BETWEEN THE ACTUAL AND THE POSSIBLE, THAT IS, BETWEEN WHAT IS AND WHAT MIGHT BE

TENSION IN THE ENTREPRENEURIAL PROCESS THE POSSIBLE ACTUAL

TENSION IN THE ENTREPRENEURIAL PROCESS THE FINANACIAL DIMENSION : The potential to create new value THE PERSONAL DIMENSION : The potential to achieve personal goals THE SOCIAL DIMENSION : The potential for structural change

THE ENTREPRENEURIAL PROCESS STEPS

STEP 1 INFORMATION--- ENTREPRENEURS ARE GATHERING INFORMATION ENTREPRENEURS ARE IDENTIFYING POTENTIAL OPPORTUNITIES ENTREPRENEURS ARE PINPOINTING POSSIBLE COMPETITIVE ADVANTAGE(S)

STEP 2 THE VENTURE`S FEASIBILITY---- UNCOVERING BUSINESS IDEAS LOOKING AT COMPETITORS EXPLORING FINANCING OPTIONS

STEP 3 PLANNING THE VENTURE--- DEVELOPING A VIABLE ORGANISATIONAL VISION AND MISSION EXPLORING ORGANISATIONAL CULTURE ISSUES CREATING A STRONG AND EFFECTIVE BUSINESS PLAN

STEP 4 START-UP ACTIVITIES--- CHOOSING A LEGAL FORM OF BUSINESS ORGANIZATION ADDRESSING OTHER LEGAL ISSUES SUCH AS PATENT OR COPYRIGHT SEARCHES COMING UP WITH AN APPROPRIATE ORGANIZATION DESIGN FOR STRUCTURING HOW WORK IS GOING TO BE DONE

STEP 5 LAUNCH THE VENTURE--- SETTING GOALS AND STRATEGIES ESTABLISHING THE TECHNOLOGY- OPERATIONS METHODS MARKETING PLANS INFORMATION SYSTEMS FINANCIAL-ACCOUNTING SYSTEMS CASH FLOW MANAGEMENT SYSTEMS

STEP 6 MANAGING BUSINESS--- MANAGING THE VARIOUS PROCESSES THAT ARE PART AND PARCEL OF RUNNING A BUSINESS MAKING DECISIONS ESTABLISHING ACTION PLANS ANALYZING THE VENTURE`S INTERNAL AND EXTERNAL ENVIRONMENTS MEASURING AND EVALUATING PERFORMANCE STIMULATING AND MAKING NEEDED CHANGES

STEP 7 MANAGING PEOPLE SELECTING AND HIRING APRAISING AND TRAINING MOTIVATING MANAGING CONFLICT DELEGATING TASKS BEING AN EFFECTIVE LEADER

STEP 8 MANAGING GROWTH--- DEVELOPING AND DESIGNING STRATEGIES FOR GROWTH DEALING WITH CRISES EXPLORING VARIOUS AVENUES FOR FINANCING GROWTH VALUING THE VENTURE HARVESTING OR EXITING THE VENTURE