Entrepreneurial Process Essay

Words: 1024
Pages: 5

Entrepreneurial Process
Ivy Harmon
Entrepreneurship in Healthcare
HCS 567
K. Imlay
May 13, 2012

Entrepreneurial Process
Successful entrepreneurs tend to follow a multi-step process on four main elements to achieve their goals. These processes include identifying an opportunity, developing a business plan, determining the resources needed, and finally managing the newly developed enterprise (Hirsh, Peters, & Sheppard, 2005). A clear understanding of the entrepreneurial process is an important step in understanding the functions of a business administrator or assessing if entrepreneurship is the right fit for an individual. The order of the entrepreneurial process is important for proper fulfillment and to improve the odds of
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The entrepreneur must recognize his/her limitations, recruit a good team to help manage the company, implement actions to minimize problems and maximize profits. Meaning the firm has to produce more, with the fewest resources possible, combining efficiency and efficacy.
The first step is the most important. Without evaluation and identification of the opportunity, there is no way to identify the process and need for existence. Also in this step there is a plan formulated as to how to satisfy the need for the product, and the security of the funds necessary to see the plan through. Without this step the others maybe impossible. This step must be successful for the plan to be successful.
From an individual's perspective, the most important perspective of the entrepreneurial process is the identification of an opportunity, as it will be the fuel that will drive an individual to work tirelessly to achieve his or her goal (Barringer & Ireland, 2008). The opportunity will have to instill the will and drive to make sacrifices of time and energy. From a corporate perspective, I believe that management of the enterprise is most important. This is because for an organization I think it is not a single issue opportunity that drives employees, but a well developed and implemented business model that keeps focused on the task at hand.
The entrepreneurial process has influenced health care and is visible in the recently developed corner pharmacy