7 Fundamental Stages of The Powerful Entrepreneurial Process

Entrepreneurial process

7 Fundamental Stages of The Powerful Entrepreneurial Process

What’s the fuss about entrepreneurial process? What does it encompass?

First off what’s a process? A process as defined on google is a series of actions or steps taken in order to achieve a particular end.

As the name implies entrepreneurial process is the series of actions you take to be an established entrepreneur. (Simple right!)

The entrepreneurial process is a continuous one and it plays a huge role in the growth or demise of your business. So never give up that grind.

Everything you do as a human requires a process from conception to growth, schooling, marriage for some and sadly death for all. Entrepreneurship is not different.

Quick digression: We have been digging into the nitty-gritty of being an entrepreneur. This blog is a beginner’s guide to point you in the direction of being an entrepreneur.

You can catch up on who’s an entrepreneur, types of entrepreneur, characteristics of a successful entrepreneur, entrepreneur challenges and entrepreneur motivation factors. So you have an idea of the things we have earlier discussed and know where we are coming from.

The entrepreneurial process is undergone by everyone who sets out to be an entrepreneur. And sometimes by those who didn’t even intentionally set out to be one.

Follow my outline of this process and endeavor to get back to me with your success story. I’m all about success stories.

The entrepreneurial process is as follows:

• Self Realization
• Plan the Business
• Trial and Error
• Start the Business
• Perseverance and Sustenance
• Reflection
• Retire or Repeat the Process

Self Realization (Discovery)

This is the point you have a mental jerk known as entrepreneurial seizure. The point where you finally realize you want to get paid doing what you love.

Plan the Business

This stage of the process is actually a process in a process. It involves a whole lot; it might seem overwhelming but it encompasses the hard work of the entire process.

This stage involves identifying and evaluating your business opportunities, demand research, deciding on the value you will add to the market, developing your business ideas, developing market entry strategy, finance and capital, identifying your competition, pricing, building relationships, risks analysis, patenting your products, business name and company registration, device your exit plan and lastly your business plan.

I mentioned your business plan last because it is the most important thing you will need if you intend to bring people on board your ship.

Trial and Error

You ask why this. Most times the first business we set out to do fails. You just have to get back in the game and try another.

Start a Business

This is the part where you officially launch the business after overcoming certain hurdles. This confirms you are in business.

Perseverance and Sustenance

At this point if you have done everything prior to this right you enter into the autopilot mode. But don’t get carried away; things can still go south.

Refuse to call it quits, pay the bills, pursue sustainability also pay attention to your competitors and the market.

Reflection

This involves you looking into your records, keep what’s working and throw out what’s not.

Stay confident, embrace your business challenges and get out of your comfort zone.

Retire or Repeat the Process

Remember I said earlier to devise your exit strategy. Well this is why you need it. You can choose to continue running the same business or sell it off and start all over.

Some entrepreneurs get a thrill from selling and starting all over.

Prior to now did you start several businesses and gave up? Don’t berate yourself. It’s all part of the process.

So many business greats underwent this process over and over. Be rest assured you are in good company.

If you went through this process differently, want to add more steps to this process or share your success stories with us please join the conversation in the comments section.

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