The entrepreneurial process includes all the functions

Question: Write a report.Background of the question

The entrepreneurial process includes all the functions, activities and actions that are part of perceiving opportunities and creating organisations to pursue them. Bill Gates and Steve Jobs are examples of entrepreneurial leaders who drove the information technology revolution that transformed the way in which we live, work, and play (Zacharakis, Bygrave & Corbett, 2016).

Moore (1986) and Bygrave (2004) developed a four-stage model depicting the entrepreneurial process. The process begins with recognizing an opportunity from a business problem and creating a business concept that articulates it. For the first steps, the entrepreneur (1) builds a concept to solve the business challenge; (2) fashions a story that conveys the meaning of the new venture, and (3) prepares a presentation that tells the story and explains the concept to potential customers, investors and partners. After testing the concept with stakeholders, the entrepreneur may go on to develop a complete business plan.

Report details:

 

The written report should be in the format of a business report including the following sections:

•       Operations plan – Identify the problem and discuss the business opportunity that may address it, showing an understanding of the market and potential customers.

Also discuss (as appropriate) business details, registration details, premises, organisational chart, management and ownership, key personnel, products and/or services, innovation, insurance, risk, legal considerations, operations, and sustainability.

•       Marketing and social entrepreneurship plan – Define your marketing strategy this should include: target market, market segmentation, unique value proposition, SWOT analysis, marketing mix and marketing communication and social media (includes details of marketing tools and advertising approach).

•       Financial plan – Explain the business/revenue model that you will utilize to realize the opportunity. Produce a projected budget, this should include all revenue/income and expense projections for the first 12 months. Indicate all sample costs such as registrations, insurance, plant and equipment, office equipment, etc. (as appropriate).

•       Strategic plan – Provide a mission statement. Explain your long-term strategy beyond the first 12 months, indicate your business goals.

•       Include a list of any references consulted in the preparation for the report.

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