Entrepreneurial Ship Processes,

1. .
PRESENTER: MANZAR ALI
ROLL NO: F16CH115
TOPIC: ENTREPRENEURIAL SHIP PROCESSES
SUBJECT:
ENTREPRENEURSHIP
F-16 BATCH, CHEMICAL ENGINEERING
TEACHER: DR. SUHAIL AHMED SOOMRO
DATED: JULY 26, SUNDAY 2020

2. Introduction
Entrepreneurship is the pursuit of market
opportunities to produce innovative goods and services.
Once the enterprise gets established, the
entrepreneurial process becomes effectively a
recurring progress of opportunities. It becomes the
process of allocating scarce resources judiciously to
pursue the value-adding opportunities.
The entrepreneurship is a continuous process
that needs to be followed by an entrepreneur to
plan and launch the new ventures more
efficiently.

3. Entrepreneurial Process
 Before starting business
Entrepreneurs must ask few
questions to themselves:
1) Am I ready to open a business?
2) Am I ready to become an entrepreneur?
3) Am I willing to lose the money of investors
who may be my friends and family?
4) Am I ready to face failure?
5) Am I ready to spend my 24 hours?

4. Entrepreneurial Process
 The steps involved in the entrepreneurial process are
follow:
1. Search for a New Idea
2. Preliminary Assessment of Idea:
3. Detailed Analysis of Promising Idea
4. Selection of the Most Promising Idea
5. Assembling the Resource and Personnel
6. Determining Size of Unit
7. Deciding on Location of Business and Plan Layout
8. Sound Financial Planning
9. Launching the Enterprise
10. Managing the Company
11. Harvesting
These steps can be distributed to following chart
Entrepreneurial
process
Discovery
Concept
Developm
ent
Seeking
Resources
Managing
the
company
Harvestin
g

5. Entrepreneurial Process
 Discovery of an Idea:
 An entrepreneur generates an idea and looks after the
opportunity. If the opportunity seems profitable he would
like to line up his own set of hobbies, interest with the
business proposition.
 An entrepreneur can evaluate the efficiency of an
opportunity by continuously asking certain questions to
himself, such as,
o Whether the opportunity is worth investing in,
o Is it sufficiently attractive,
o Are the proposed solutions feasible,
o Is there any competitive advantage,
o What are the risk associated with it.
o Above all, an entrepreneur must analyze his personal skills
and hobbies, whether these coincides with the
entrepreneurial goals or not.
 For example idea of switching from hand held devices to
mobile phones.

6. Entrepreneurial Process
 Developing a Business Plan:
The business plan will summarize the entire business,
addressing points such as strategy, market, competition, critical
success factors, economic and financial analysis, investments,
expenditures, financing, among others. This planning will be of
extreme importance for the success of the business, since it is
fundamental that the entrepreneur plans the actions to be
carried out and outlines strategies to follow.

7. Entrepreneurial Process
 Determine and capture
required resources:
The third step in the entrepreneurial
process is resourcing, wherein the
entrepreneur identifies the sources from
where the finance and the human
resource can be arranged. Here, the
entrepreneur finds the investors for its
new venture and the personnel to carry
out the business activities.
The success of this phase is very
dependent on the previous phase.
Funding can be obtained through various
sources, such as bank credit, microcredit,
business angels, state aid, venture
capital, personal savings, family and
friends, among others.

8. Entrepreneurial Process
 Managing the company:
After identifying a business
opportunity, developing a business
plan in detail, and capturing the
resources needed to start activity, the
entrepreneur debates the
administrative and management
issues throughout the process. Once
the funds are raised and the
employees are hired, the next step is
to initiate the business operations to
achieve the set goals. First of all, an
entrepreneur must decide the
management structure or the
hierarchy that is required to solve the
operational problems when they arise.

9. Entrepreneurial Process
 Harvesting:
 The final step in the entrepreneurial process is harvesting
wherein, an entrepreneur decides on the future prospects of
the business, i.e. its growth and development. Here, the actual
growth is compared against the planned growth and then the
decision regarding the stability or the expansion of business
operations is undertaken accordingly, by an entrepreneur.
 The entrepreneurial process is to be followed, again and again,
whenever any new venture is taken up by an entrepreneur,
therefore, its an ever ending process.
 Although the four phases of the entrepreneurial process
are represented sequentially, they are not immutable.
One entrepreneur may not complete one of the phases
and immediately start the next, or even have to repeat
several times a set of phases to reach the last one.

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