The Entrepreneurial Process, Opportunity, and the Business Plan

Reflection Paper
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REFLECTION PAPER
Topic 1: The entrepreneurial process
Before understanding the entrepreneurial process, it is important to understand and define entrepreneurship. Therefore, entrepreneurship is the way of acting and reasoning that is leadership balanced, holistic approach and opportunity obsessed. From this definition, it is clear that an entrepreneur should be a leader and should always be ready to take advantage of all the opportunities presented in the market. Moreover, an entrepreneur should always provide a holistic environment for customers. With adequate research, there are many missed opportunities in the market and this is what entrepreneur do, taking advantage of the missed opportunities and convincing investors to be part of the plan.
It is important to note that entrepreneurship results to the generation of new value through renewal of the present value, realization of a new value and creating new value-add goods and services. When a person is interested in starting a business or venturing into a particular business activity, it is imperative to find partners. These partners can be people who are interested to encourage, offer financial support and guidance. All these individuals are important because they make a dream come true. From the above categories, it becomes easy to distinguish investors who will be the key partners in the future. The Timmons model is important in helping entrepreneurs find a good opportunity. It is interesting to find out that not every idea can be a good opportunity. This is why it is important for one to examine consumer preferences and trends, the readiness of the market, and behaviors consumers portray when a new product is introduced in the market.
Topic 2: The Opportunity – Creating, Shaping, Recognizing, Seizing
In the first topic, we learned that not every idea that an entrepreneur finds in the market can become a good opportunity. We have to acknowledge the fact that we will always find several ideas in the market but not all of them can be converted to a business opportunity. W...