Explain the process of entrepreneurship in detail.

Process of entrepreneurship:

Self Discovery

Identifying opportunities

Generating & evaluating ideas

Planning

Start up

Viable project

• Self Discovery: The very first step in this process is self discovery. Learning what one enjoys doing, examining ones strength and weaknesses and relating it to potential opportunities
• Identifying opportunities: The next step is looking for needs, wants, problems and challenges that are not yet being met or dealt with effectively.
• Generating and evaluating ideas: After identifying opportunities an entrepreneur uses creativity and past experiences to device new and innovative ways to solve a problem or meet a need and then adopting the best idea.
• Planning: Next comes proper planning which includes researching and identifying resources needed to turn the idea into a viable project.
• Start up: This is the most important step in this process which includes launching the venture, developing a customer base, and adjusting marketing and operational plans as required.
• Viable Project: Last is viable project. This step is related to that stage when an entrepreneur converts his dreams into a viable project and makes profit out of it.