Cinq étapes différentes qui constituent l'ensemble du processus entrepreneurial

Introduction:

An entrepreneur is defined as a person who organizes and operates a business, taking on greater than normal financial risks in order to do so. Literature surrounding the process of firm’s start-ups support the idea that an entrepreneur plays an important role in economic development, because of his or her strategic vision to make innovations (Baltar, 2014). Being an entrepreneur means being willing to take risks, look at things in different ways and challenge convention with creativity. Based on a comprehensive literature review this report identifies five different stages that make up the entire entrepreneurial process. Figure 1 illustrates the entrepreneurial process and the various stages involved. The five stages that will be discussed in this paper are: opportunity identification and evaluation, developing a business plan, assembling required resources, entering the market and management and growth.

1.1 - Opportunity Identification & Evaluation:

The first step in the entrepreneurial process involves opportunity identification and evaluation. Identifying and selecting the right opportunities for new businesses are often considered to be the most important abilities for a successful entrepreneur (Stevenson et. Al, 1985). Researchers have suggested a number of factors that impact how opportunities are identified and developed by entrepreneurs. One of the most important factors that influence opportunity identification is entrepreneurial alertness. Entrepreneurial alertness is defined as “a propensity to notice and be sensitive to information about objects, incidents and patterns of behaviour in the environment, with special sensitivity to maker and user problems, unmet needs and interests, and novel combinations of resources” (Ray & Cardozo 1996). Studies suggest that higher alertness increases the likelihood of an opportunity being recognized. Three ways to identify opportunities include observing trends in the marketplace, solving a problem or finding gaps in the marketplace.

Once an opportunity has been identified the next step is to evaluate the opportunity. This is the point in time when an entrepreneur should ask himself ‘is this an opportunity that is worth investing in?’. Opportunity evaluation involves looking at the length of the opportunity, the risks and returns and its uniqueness and differential advantage in its competitive environment (Hisrich et. al, 2005). Before starting any successful business venture an entrepreneur must be able to successfully identify an opportunity in the marketplace and evaluate this opportunity.

1.2 - Developing a Business Plan:

After an opportunity has been identified and evaluated, the next step in the entrepreneurial process involves developing a business plan. A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. A good business plan is very important for the success of any business venture.

Most business plans focus on three main areas: market analysis, competitive analysis, and operational plans. A business plan begins with market analysis which involves your target market along with its size, trends, segmentation and opportunity for revenue. The market analysis is one of the most important parts of any start up strategy. The next step to developing a business plan involves competitive analysis. Competitive analysis is the process of identifying your competitors and determining their strengths and weaknesses relative to those of your own product or service. A competitive analysis is important for establishing what makes a product or service unique. The last step for developing a business plan is operational planning. Operational planning includes making reasonable predictions about project length, profitability and budgets. Developing a business plan is essential to the success of any type of business venture as it provides the foundation and framework.

1.3 - Assembling Required Resources:

The third step in the entrepreneurial process involves assembling the required resources. In general, there are two main types of resources that must be gathered: capital and human. Capital resources can refer to resources that are financial (cash, stock ownership, loans), intellectual (patents, trademarks, brand names and copyrights), and technical (innovations in design or production). A business venture cannot be successful without acquiring the necessary capital needed. Acquiring human resources is also an essential part of the entrepreneurial process. Human resources refers to the individuals who will help the entrepreneur take advantage of the opportunity. This stage is easier for experienced entrepreneurs because they have already established connections and gained experience in entering new business ventures (Zhang, 2011). This stage is essential to the entrepreneurial process because without the required capital and human resources a business venture will not be successful.

1.4 - Entering the Market:

The fourth stage of the entrepreneurial process is the actual establishment and opening of the business. During this stage an entrepreneur enters the market and introduces their idea to the general public. After all necessary resources have been acquired (capital and human), the entrepreneur must use the resources to implement the business plan. This phase involves implementing a management style and structure, as well as determining the key variables for success. During this stage of the entrepreneurial process, the entrepreneur will begin to sell their product or service to prospective clients. At this point in time it is important to establish strong customer and supplier relationships. During this stage predictions and profit margins can be redefined, supply and demand boundaries better understood, and first hand customer feedback can be obtained from customers (Bhave, 1994). Customer feedback is important for the success of any business venture because it is a good way of measuring customer satisfaction and also can help to improve the product or service.

1.5 - Management and Growth:

The final stage of the entrepreneurial process is company management and growth. This stage is an ongoing process that requires constant attention from management. During this stage an entrepreneur must balance their managerial duties with leadership activities. This means that the entrepreneur has to be able to manage day to day operations of the business along making decisions that determine the organizations long term direction, philosophy and future (Encyclopedia for Business, 2013). The feedback

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