CCMBC302: Entrepreneurship

Entrepreneurial cycle includes the following:

1. Idea Generation: every new venture begins with an idea. In our context, we take an idea to be a description of a need or problem of some constituency coupled with a concept of a possible solution. 

2. Opportunity Evaluation: this is the step where you ask the question of whether there is an opportunity worth investing in.  Investment is principally capital, whether from individuals in the company or from outside investors, and the time and energy of a set of people. 

3. Planning: Once you have decided that an opportunity, you need a plan for how to capitalize on that opportunity. A plan begins as a fairly simple set of ideas, and then becomes more complex as the business takes shape. In the planning phase you will need to create two things: strategy and operating 

4. Company formation/launch: Once there is a sufficiently compelling opportunity and a plan, the entrepreneurial team will go through the process of choosing the right form of corporate entity and actually creating the venture as a legal entity.

5. Growth: After launch, the company works toward creating its product or service, generating revenue and moving toward sustainable performance.