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TitleDefine Briefly the Entrepreneurial Process
Tags Evaluation Cognition Psychology & Cognitive Science
File Size110.9 KB
Total Pages6
Document Text Contents
Page 4

4. a. List and discuss the phase in an entrepreneurial process.

 Opportunity identification: the process by which an entrepreneur
comes up with the opportunity for a new venture.

 Develop the business plan: the entrepreneur will develop the
description of the future direction on the business.

 Resources required: determine the resources required by
identifying resources gap and available suppliers and develop

access toneeded resources.

 Manage the enterprise: develop the management style, understand
the key variable for success, identify problems and potential

problems, implement control systems and develop growth strategy.

b. State and explain three (3) pressures arising from an entrepreneur

growing his business firm. (12M)

One of the pressure that the entrepreneur facing is creating a high-

performance business. Entrepreneurs often struggle with creating a high-

performance business. The challenge, arises when someone in our business does

not meeting expectations and has to be terminated because they couldn’t grow

their skills as the business grew. According to RIS Media, entrepreneurs face an

uphill battle in balancing loyalty and changing performance needs . . The

entrepreneurs must learn that they can have a high performance business by

having clear job expectations, a fair transparent, frequent feedback process and

by giving people a fair chance to improve or to step into a role that they could

do well. And it is not easy to earn those criteria. As the entrepreneur needs to

work harder and harder to control every part of the business, so he or she can

achieve their target.

Another pressure that an entrepreneur needs to face is transitioning from

owner to leader. When you get to the point where you’re delegating tasks and

relying on your employees to drive your business, you must also transition from

thinking of yourself as just a business owner and start developing as a leader

and coach. Becoming a leader and coach is challenging, because both roles

require emotional intelligence, people engagement, and the ability to relate to

individuals in a way that they find meaningful.Coaching requires time to spend

getting to know people, listening, understanding their customer and helping

them. Coaching needs patience that many entrepreneurs are not able to achieve.

It requires a continuation of mind shift from me, to entrepreneur.

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Lastly is Recognizing and overcoming the common pitfalls associated

with growth in business. As an entrepreneur, we need to continuously drive to

go through all the barriers. Crucially, you need to ensure that the steps you take

today don't create additional problems for the future. Effective leadership will

help you make the most of the opportunities, creating sustainable growth for the

future. It is true that an entrepreneur is a risk taker, but they also need to plan

everything so that the road or path that they choose did not turn the business

into an also-ran. An entrepreneur may want to carry out extra research before

they decide anything.

5. Define superficial similarities and structural similarities. Which was
noted as the more challenging for entrepreneurs?(10M)

Superficial similarities exist when the basic elements of the

technology match the basic elements of the market. While structural

similarities, exist when the underlying mechanisms of the technology

resemble the mechanism underlying of the market.

The more challenging for entrepreneur is structural similarities. For

example based on McGraw-Hill Entrepreneurship 9 th edition illustrated

an example in a technology developed by space and computers engineers

at NASA’s Langley Research Center that involves a very big and bulky

flight simulators that are used by space shuttle pilots. This technology are

superficial elements that are very similar to a market for airline pilots

training in flight simulators. But, it has little superficial similarity with a

target market of K-12 school children and their parents. K-12 school is K-

12, a term used in education and educational technology in the United

States, Canada, and possibly other countries, is a short form for the

publicly-supported school grades prior to college. Most communities in

the United States and Canada (and wherever else the term is used) are just

beginning to provide modern information technology at the K-12 levels.

This flight simulators underlying the superficial situation. For example,

attaching sensors to individual forefingers. It will monitor the electric

conductivity of their skin that will send signals to computer processor in

another machine with which the individual attract. This will bring into a

network of a higher order relationships that reflect the overall capabilities

of the technology. In terms of it aims and/or its uses.

This technology are capable of helping shuttle pilots to improve their

abilities to focus, pay attention and concentrate for an extended period.

Examples of shuttle pilots are airline pilots and teenage driver. This

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