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BUSINESS CONCEPT AND ENTREPRENEURSHIP PROCESS - Coggle Diagram
BUSINESS CONCEPT AND ENTREPRENEURSHIP PROCESS
BUSINESS CONCEPT
INTRODUCTION
A new idea for a business initiative, whether that be creating a new product for consumer market.
TYPES OF BUSINESS CONCEPT
Consumer-goods concept
Small business concept
Business-to-business concept
E-commerce concept
Infrastructure concept
Consumer-to-consumer concept
CONCEPT OF ENTREPRENEURSHIP
INTRODUCTION
The tendency of person to organize the business of his own and to run it profitably, using all the qualities of leadership managerial caliber and decision making.
Concerned with entrepreneur behaviour, the dynamics of business set up and expansion and development.
PROCESS OF ENTREPRENEURSHIP
STAGE 2( Opportunity evaluate)
generating and evaluating ideas
Using creativity and past experience
STAGE 3 PLANNING(COMPANY FORMATION)
OPERATING PLAN
Business plan, budget, financial plan and feasibility report
STARTEGY
Target customer
Company objectives
Staffing plan
STAGE 1( Idea generation) every new venture begins with an idea
Self-discovery
Identifying opportunities
ENTREPRENEURSHIP
Economic process which recognize the need to change and an Entrepreneur is a key person to initiate any change
ENTREPRENEURSHIP
Motivation
Risk taking
Leadership
Refers to a person
Creator
Organization decision maker initiator
Leader
Motivator
Initiative
Decision making
Oraganization
Creation
Refers to a process
Risk taker
PROCESS OF ENTREPRENEUR
STAGE 4 (LAUNCH)
RAISING START-UP CAPITAL
Seed investor, investors, partners
START-UP
Developing customers base
Adjusting marketing and operational plan as required
Launching the venture
STAGE 5 (GROWTH)
After, the company work toward creating its product or service, generating revenue and moving toward sustainable performance.
The emphasis shifts from planning to execution. At this point, you continue ask questions but spend more of your time carrying out your plans.
Growing/ expanding the business