The document outlines the entrepreneurial process, including deciding to become an entrepreneur by assessing one's characteristics, developing successful business ideas by generating opportunities and conducting feasibility analysis, and moving from an idea to an entrepreneurial firm by establishing an ethical and legal foundation, financing, and building a team. It also discusses managing and growing the entrepreneurial firm through marketing strategy, intellectual property protection, and pursuing growth strategies. The process involves multiple steps from opportunity recognition to managing a successful business.

1. The Entrepreneurial Process
29/4/2022 Dr. Shobha Menon, Associate Professor, SCMS,Cochin 1

2. The Entrepreneurial Process
Deciding to
become an
entrepreneur
Developing
successful
business ideas
Moving from an
idea to an
entrepreneurial
firm
Managing and
growing the
entrepreneurial
firm
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3. Moving from an idea to
an entrepreneurial firm
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4. Deciding to become an entrepreneur
Understanding
the need or desire
and identifying a
role model
Rigorous personal
assessment
against the
needed
entrepreneurial
characteristics
Hazy and
aspirational
factors need to be
clear
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5. Discovering one’s entrepreneurial passion
Opportunity
or need
Building Value
Creating employment
Leaving a legacy
Joy of
handling
challenges
Building teams, finding
finances, developing
products, finding a
market
Economic
Incentives ?
Being on one’s own
Supporting others
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6. Developing successful business
ideas
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7. Developing Successful Business Ideas
• Recognising opportunities and generating ideas
• An idea is a thought, an impression .An opportunity is an idea that has the
qualities of being attractive, durable and timely and is anchored in a
product/service that creates value to its end users.
• Sources of new ideas
• Methods of generating ideas
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8. Feasibility Analysis
• Feasibility analysis is the process of determining whether a business
idea is viable
• Product/service feasibility analysis
• Industry/market feasibility analysis
• Organizational feasibility analysis
• Financial feasibility analysis
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9. Writing a business plan
• A business plan is a written narrative that describes what a new
business intends to accomplish and how it plans to achieve its goals
• Two primary audiences : a firm’s employees & investors and other
stakeholders
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10. Developing an effective Business Model
• A firm’s business model is its plan or diagram for
• how it intends to compete,
• use its resources,
• structure relationships,
• interface with customers, and
• create value to sustain itself on the basis of the profit it generates.
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11. Moving from an idea
to an entrepreneurial
firm
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12. Preparing the proper ethical and legal
foundation
• Establishing a strong ethical culture
• Licenses and permits
• Type of company
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13. Assessing a new venture’s financial strength
and viability
• Activities
• Raising money
• Managing a company’s finances for highest return
• Financial objectives –
• Profitability
• Liquidity
• Efficiency
• Stability
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14. Building a new team
• Company founders
• Key employees
• Board of Directors
• Lenders and investors
• Advisory Board
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15. Getting financing or funding
• Need money at some stage
• Personal financing
• Equity funding
• Business angels
• Venture capitalists
• IPO
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16. Managing and
Growing an
Entrepreneurial Firm
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17. Marketing Strategy
• Marketing strategy
• Segmentation
• Positioning
• Product attributes
• Brand
• Marketing mix
• Pricing
• Promotion
• Distribution
• Selling
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18. The importance of intellectual property
• Intellectual property is any product of human intellect that is
intangible but has value in the marketplace.
• Patents
• Trademarks
• Copyrights
• Trade secrets
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19. Strategies for firm’s growth
• Sustained growth is defined as growth in both revenues and profits over an
extended period of time.
• Internal growth strategies – new product development, international
expansion, internet driven strategies
• External growth strategies –mergers, licensing, strategic alliances, joint
ventures, franchising
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20. References
• Entrepreneurship – Successfully launching new ventures – Bruce R.
Barringer/R. Duane Ireland ( Pearson)
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