Nfc-Iet Multan: Assignment No:02
Nfc-Iet Multan: Assignment No:02
Nfc-Iet Multan: Assignment No:02
Submitted to:
Sir Umar Usman
Submitted by:
Hamza Bari
Roll No:
2k16-BBA-09
Subject:
Entrepreneurship
Topic:
Aspects of Entrepreneurial Process
Date:
10/01/2019
NFC-IET MULTAN
ENTREPRENEURIAL PROCESS:
The entrepreneurial process is a process of pursuing a new
venture that 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.
Opportunity Assessment
The process of evaluating an idea, concept, or opportunity to determine
whether there is sufficient strategic, market, and financial merit for continued consideration and possible
development into a product. Generally, results in the recording of an Opportunity Statement.
Competitive Environment
A competitive environment is the dynamic external system in which a
business competes and functions. Look at fast food restaurants - there are so many to choose from;
the competition is high
Executive Summary
The executive summary is basically the elevator pitch for your business. It di stills
all the important information about your business plan into a relatively short space. It’s a high-level look at
everything and should include information that summarizes the other sections of your plan. One of the
best ways to approach writing the executive summary is to finish it last so you can include the important
ideas from other sections
Business Description
This is your chance to describe your company and what it does. Include a look at
when the business was formed, and your mission statement. These are the things that tell your story and
allow others to connect to you. It can also serve as your own reminder of why you got started in the first
place. Turn to this section for motivation if you find yourself losing steam.
Market Analysis
This is your chance to look at your competition and the state of the market as a whole.
Your market analysis is an exercise in seeing where you fit in the market — and how you are superior to
the competition.
Use this section of your business plan to show off your team superstars.
In fact, there are plenty of indications that your management team matters more than your product idea or
pitch. Venture capitalists want to know you have a competent team that has the grit to stick it out. You are
more likely to be successful and pivot if needed when you have the right management and organization
for your company.
Sales Strategies
Your sales strategy section should include information on your web development efforts
and your search engine optimization plan. You want to show that you’ve thought about this, and you’re
ready to implement a plan to ramp up sales.
Financial Projections
Finally, the last section of your business plan should include financial projections.
Make sure you summarize any successes up to this point. This is especially important if you hope to
secure funds for expansion of your existing business.
Resources Requirements:
The project is conducted when the entrepreneur decides to seek and
obtain resources. Getting financiation is difficult, and perhaps one of the main obstacles to start a
business. When the entrepreneur begins to invest the resources and begin operating, it is a point release
of stress, as the entrepreneur will see the first steps of his company.
The entrepreneurs can structure a deal that enable the resources to acquired at the lowest
possible cost
The entrepreneur also need to identify alternative supplier of the resources.
An entrepreneur should strive to maintain as large as ownership position as possible particularly
in the startup stage