Overview
The most challenging aspect of any task is determining where to begin. Even if you have
everything you need to run a new business, it will never be easy.
Along with understanding how entrepreneurial intentions and ideas are developed, it is essential
to recognize and assess these intentions and concepts as business prospects. The person must be able to
manage the risks involved with starting a business and commit the necessary funds to seize these chances.
Lesson 1: Analyze the market need
Establishing any business requires an entrepreneur to go through a step-by-step process known as the
entrepreneurial process. These steps include the following methods:
1. Opportunity spotting and assessment
2. Developing a business plan
3. Determining the capital needed
4. Running the business
Summary of the components and steps in the entrepreneurial process (Hisrich,2010)
Opportunity spotting Developing a business Determining the Running the business
and assessment plan capital needed
Evaluate the identified Come up with a Calculate the intrinsic Practice leadership as a
opportunity business description and extrinsic capital way of life
and analysis needed
Conceptualize and Perform industry Calculate the existing Recognize critical
measure the analysis capital success factors
opportunity
Identify the perceived Come up with the Calculate the difference Identify existing and
value of the opportunity marketing plan between the needed foreseeable problems
to the company and the capital and the existing and issues
customers capital and choose the
most cost-effective
The most challenging aspect of any task is determining where to begin. Even if you have
everything you need to run a new business, it will never be easy.
Along with understanding how entrepreneurial intentions and ideas are developed, it is essential
to recognize and assess these intentions and concepts as business prospects. The person must be able to
manage the risks involved with starting a business and commit the necessary funds to seize these chances.
Lesson 1: Analyze the market need
Establishing any business requires an entrepreneur to go through a step-by-step process known as the
entrepreneurial process. These steps include the following methods:
1. Opportunity spotting and assessment
2. Developing a business plan
3. Determining the capital needed
4. Running the business
Summary of the components and steps in the entrepreneurial process (Hisrich,2010)
Opportunity spotting Developing a business Determining the Running the business
and assessment plan capital needed
Evaluate the identified Come up with a Calculate the intrinsic Practice leadership as a
opportunity business description and extrinsic capital way of life
and analysis needed
Conceptualize and Perform industry Calculate the existing Recognize critical
measure the analysis capital success factors
opportunity
Identify the perceived Come up with the Calculate the difference Identify existing and
value of the opportunity marketing plan between the needed foreseeable problems
to the company and the capital and the existing and issues
customers capital and choose the
most cost-effective
