Enterpreneureal Decision

Entrepreneurship is a process, a journey, not the destination, means not an end. All the successful entrepreneurs like, Bill Gates (Microsoft), Warren Buffet (Hathway), Gordon Moore (Intel), Steve Jobs (Apple computers), Jack Welch (GE), GD Birla, Jamshedji Tata and others all went through this process. 

Entrepreneurial decisions process is about deciding to become an entrepreneur. The decision to start a new company occurs when an individual perceives that forming a new enterprise is both desirable and possible.

 The process of starting a new venture is embodied in the entrepreneurial process, which involves more than just problem solving in a typical management position. An entrepreneur must find, evaluate and develop an opportunity by overcoming the forces that resist the creation of something new. 

This process has following five distinct phases:

Phase I: Identification of Opportunity 

Opportunity identification is a very difficult task. Most good business opportunities do not suddenly appear, but rather erupt from an entrepreneur's alertness to possibilíties, or in some case, the establishment of mechanism that identify potential opportunities. 

Phase II : Evaluate the Opportunity 

Whether the opportunity is identified by using input from consumers, business associates, channel members or technical people, each opportunity must be carefully screened and evaluated. 

Phase III: Developing a Business Plan 

A good business plan must be developed in order to exploit the defined opportunity. This is a more time consuming phase of the entrepreneurial process. An entrepreneur usually has not prepared a business plan before and does not have the resources available 

Phase IV: Determine the Resources Required The resources needed for addressing the opportunity must also be determined. This process starts with an appraisal of the entrepreneur's present resources. Any resources that are critical need to be differentiated from those that are just helpful. Care must be taken not to underestimate the amount of variety of resources needed. The downside risks associated with insufficient or inappropriate resources should also be assessed. 

Phase V: Manage the Enterprise

 After resources are acquired, the entrepreneur must use them to implement the business plan. The operational problems of the growing enterprise must also be examined. This involves implementing a management style and structure, as well as determining the key variables for success. A control system must be established, so that any problem areas can be quickly identified and resolved. others. do a good job.