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Briefly discuss the process flow of a good entrepreneur process




To become a good entrepreneur is hard but based on the experience and discussion for many years, people have come out with 5 basic processes to become an entrepreneur.  These 5 steps of the process are discovery, developing, resourcing, actualization, and harvesting. It shows that what is the entrepreneur always does in their business which was an infinite loop for these 5 steps of the process.

 

The first step in the five steps of the process was the discovery. Discovery refers to the finding of the new idea, to generate the new idea which is different from others. Discovery was not an easy thing, but it was so important. This is because the idea that chooses will totally affect what should be done at another 4 steps of the process. Discovery very necessary need with creative and innovative thinking skills to help the management to think out of the box, find the blind spot, and grab the chance or opportunities. If the company does well in the first step discovery, it will make the step behind become easier which means that to find and grab a very good idea and chance. For example, if a company was able to create a new type of energy that may transcend and replaces electrical energy, it has a huge chance to become a pioneer and expand its market faster and safer. However, when a company was choosing the idea, it also needs to consider the capacity of its company, is the company has enough ability and resources to implement and develop the idea. If not consider well before implementing the idea, it may cause a big loss even bankruptcy and the idea will totally become a benefit for other companies.

 

The second step in the process was the development. After an idea has been chosen, the next is to set up a plan for the idea. The plan should be set up based on the idea characteristic, to enhance more the strength of the idea, and to hide, decrease the weakness of the idea. Inside a business plan have a lot of important elements such as the mission, vision, summary, product and services, marketing strategy, budget, and so on. The business plan can be defined as fundamental or structure for the business. It determines how is the business idea should be established, how it should be promoting, what is the customer segmentation, focusing, and so on.

 

The third step in the process is resourcing. After having a good idea and set up a good plan, when you want to implement all of this, the resources are necessary and important element, otherwise, nothing will be done or successful if there are no resources. Commonly there are two resources that are the most important for the company which are the financial resources and human resources. This step is the step for the company to identify how much resources needed and where, how to acquire the resources to fulfill the need of the plan. For example, to hire the employee, to train the employee, search for potential investors, or apply for startup loans.

 

Fourth, it was the actualization.  In simple words, bring ideas to become true which is to manage the business. After 3 steps of the discovery, plan, resourcing, now the entrepreneur needs to operate and manage the business. Entrepreneurs must keep watch over the situation and monitor it well. This is because the situation is always changing non-stop, and not always predictable, even the idea and plan are good for now but not mean that good for the future too. It means that sometimes adaptation is important and necessary based on the situation. Other than that, entrepreneurs need to operate the business well and carefully so that be able to achieve the goal that has been set up.

 

The last step in the process was harvesting. This step locates at the last step because it needed the data and the information collects in the first four-step. In this step, the entrepreneur needs to decide about how its company will look in the future, how is the company should develop, what is the growth direction. The entrepreneur may compare the actual result with the goal set up in the plan, and ask is that worth it, if the result stable, if that reaches the target of not, and if that has more potential for digging in the future. If not, adapt and improve it, is yes, continue, follow it again and again because it proves it was successful and feasible.



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