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This paper discusses the four steps recognized in the entrepreneurial process that are the identification and assessment of the opportunity, the development of the business plan, the determination of what resources are needed and the acquisition of them, and finally, the running of the company. This author ranks these steps in terms of their importance but points out that they apply specifically to the perspective of an individual and not corporate entrepreneur. The paper also discusses the impact of entrepreneurship in the delivery of healthcare services and products and the challenges facing entrepreneurship in the current economic environment.
From the Paper:"Of all these steps, I consider the second - creating a business plan - to be the most important. This step lays the foundation for all other activities and serves multiple critical functions in the entrepreneurial process. First, it facilitates fundraising. "Most funders will not consider putting money into a company without seeing a well-written, convincing business plan. An entrepreneur must make sure the plan speaks in terms the funders will understand, and meets their requirements for the qualifications of the management team, funding requested, and financial return." (Powers, n.d.). Second, the process of developing the business plan serves to strengthen the company's strategy, ensuring that all elements of the business have been thought through, and the entrepreneur is not just going off "half-cocked." The process of creating a business plan requires the entrepreneurial team to go through this research and analysis systematically, creating a better foundation for strategy. Having to write down the strategy also creates an opportunity to make sure all of the founders are literally on the same page about what they intend to do. (Powers, n.d.). Finally, the business plan also provides an important reference point for evaluating the progress of the young company."
Sample of Sources Used:
- 101 Unconventional Sources for Entrepreneurial Funding (2010). Accessed 24 April, 2010 from the Virtual Hosting website. http://www.virtualhosting.com/blog/2008/101-unconventional-sources-for-entrepreneurial-funding/
- Financing (n.d.). Entrepreneur. Retrieved 4/24/2010 from the Entrepreneur.com website, http://www.entrepreneur.com/money/finance/index.html
- Hertlinger, R.E. (2008), moderator. Impact of Entrepreneurs on Consumer-Driven Health Care: A breakout session of the Business Summit at Harvard University. 14 Oct. 2008. Retrieved from Harvard Business School website http://www.hbs.edu/centennial/businesssummit/healthcare/impact-of-entrepreneurs-on-consumer-driven-health-care.html
- Mason, M. (2010). Research on Small Businesses, citing a study performed by Inc.magazine and the National Business Incubator Association Retrieved 4, 24, 2010 from MKM Research website, http://www.moyak.com/papers/small-business-statistics.html
- Metzler, B. (2005). HEALTH CARE ENTREPRENEURSHIP: FINANCING INNOVATION. Journal of Health and Human Services Administration. 1 January 2005. Retrieved 24 April 2010 from http://www.allbusiness.com/human_resources/3503056-1.html
Cite this Term Paper:
The Entrepreneurial Process (2013, January 23) Retrieved December 10, 2023, from https://www.academon.com/term-paper/the-entrepreneurial-process-152293/
"The Entrepreneurial Process" 23 January 2013. Web. 10 December. 2023. <https://www.academon.com/term-paper/the-entrepreneurial-process-152293/>