What is Entrepreneurial Venture? Entrepreneurship thrives in many different contexts. There are ‗social entrepreneurs‘ who create value through successful exploitation of new ideas – leading to social inclusion, regeneration or some other kind of social benefit. There are ‗creative entrepreneurs‘ who identify, evaluate and then exploit artistic, aesthetic or design-based opportunities.
Entrepreneurship is increasingly important in the environmental field. Entrepreneurship is also very important for the continued development of new technology and associated product and process innovations. Over the seven steps that make up this programme, we talk about your particular enterprise or entrepreneurial venture as the focus for your thinking, learning, and development. This will often refer to your idea for a specific new business. However, the term enterprise, as we have just seen, can be applied in a wider context. You might be looking to work in a particular industry context, or aiming to launch a social enterprise. This step by step approach is valid in these contexts too. This programme provides a wide range of advice and guidance to anyone interested in getting a new venture off the ground in whatever context. It aims to assist you in preparing to launch an enterprise, with signposts to other help and support that is available. LAUNCHING A NEW VENTURE: STAGES AND STEPS OF THE ENTREPRENEURIAL VENTURE The entrepreneurial process of launching a new venture can be divided into three key stages of: Discovery; Evaluation; and Implementation. These can be further sub-divided into seven steps as shown below
Identifying opportunities Launching and developing the enterprise 1. Discovering your entrepreneurial potential 2. Identifying a problem and potential solution 3. Evaluating the idea as a business opportunity 4. Investigating and gathering the resources 5. Forming the enterprise to create value 6. Implementing the entrepreneurial strategy 7. Planning the future IMPLEMENTATION EVALUATION DISCOVERY O P P O R T U N I T Y Analyzing and selecting the opportunity
DISCOVERY The first stage of Discovery is to identify opportunities that may form the basis of an entrepreneurial venture. It requires creative thinking to indentify issues that can benefit from an entrepreneurial vision This stage can be divided into two steps: Step 1. Discovering your entrepreneurial potential - the first step is to know more about your personal resources and attributes through some self-evaluation. – what will you bring to the venture? What are your strengths and challenges? These will affect the type of venture you choose. Step 2. Identifying a problem and potential solution – a new venture has to solve a problem and meet a genuine need. EVALUATION By the end of first stage of Discovery, you should have selected an idea worthy of further detailed investigation. The next stage evaluates if this all adds up to a feasible business in two further steps: Step 3. Evaluating the idea as a business opportunity – find out information about the market need. Is the solution to this problem really wanted by enough customers? Investigate the feasibility of the
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