1) Define briefly the entrepreneurial process

(5 m)


2) List and explain the district phases in the entrepreneur process
(15m)


3) What excites you about being an entrepreneur? What are you major concerns?
(10m)

4) a. List and discuss the phase in an entrepreneurial process.
(8m)

b. State and explain three (3) pressures arising from an entrepreneur growing his
business firm.
(12m)

5) Define superficial similarities and structural similarities. Which was noted as the
more challenging for entrepreneurs?
(10m)

6) Describe the different between the causal process and the effectuation process.
(10m)










1) Define briefly the entrepreneurial process
(5 m)

The entrepreneurial process can define as a process of pursuing a new venture
that involves more than just problem solving in a typical management position. An
entrepreneur must find, evaluate, and develop an opportunity by overcoming the
forces that resist the creation of something new. The entrepreneurial process has
four phases, there are:
.








2) List and explain the district phases in the entrepreneur process
(15m)
The entrepreneurial process has four phases which are,










Identification and evaluation of the opportunity
Development of the business plan
Determination of the required resources
Management of the resulting enterprise
Identification and evaluation of the opportunity
Development of the business plan
Determination of the required resources
Management of the resulting enterprise
First, the entrepreneur must identify and evaluate the opportunity. Opportunity
identification is the process by which an entrepreneur comes up with the opportunity
for a new venture. Opportunity identification and evaluation is a very difficult task.
The entrepreneur must all by himself identify the opportunity because the opportunity
did not suddenly appear. For example, the entrepreneur may doing a survey in order
to identify lack of the existing product, doing a research to know or to explore current
needs or demand from customer and others. Through the survey or research done,
the entrepreneur may identify their opportunities to create a better product. They also
can in novated the product that they think is still lack in servicing the consumer and
improvise it into a better product. Then, they must evaluate whether the opportunity
entrepreneur receive fit the personal skill and goal of the entrepreneur using
the opportunity analysis. Opportunity analysis, or what is frequently called an
opportunity assessment plan, is one method for evaluating an opportunity. We must
choose the opportunity that we believe we can implement it successfully
Secondly is developing a business plan a good business plan must be
developed in order to exploit the defined opportunity. This is a very time-consuming
phase of the entrepreneurial process. An entrepreneur usually has not prepared a
business plan before and does not have the resources available to do a good job. A
good business plan is essential to developing the opportunity and determining the
resources required, obtaining those resources, and successfully managing the
resulting venture.

Thirdly determine the resources required the resources needed for addressing
the opportunity must also be determined. This process starts with an appraisal of the
entrepreneurs present resources. Any resources that are critical need to be
differentiated from those that are just helpful. Care must be taken not to
underestimate the amount of variety of resources needed. The downside risks
associated with insufficient or inappropriate resources should also be assessed.
Acquiring the needed resources in a timely manner while giving up as little control as
possible is the next step in the entrepreneurial process. An entrepreneur should
strive to maintain as large an ownership position as possible, particularly in the start-
up stage. As the business develops, more funds will probably be needed to finance
the growth of the venture, requiring more ownership to be relinquished. Alternative
suppliers of these resources, along with their needs and desires, need to be
identified. By understanding resource supplier needs, the entrepreneur can structure
a deal that enables the recourses to be acquired at the lowest possible cost and the
least loss of control.

Lastly are managing the enterprise after resources are acquired, the
entrepreneur must use them to implement the business plan. The operational
problems of the growing enterprise must also be examined. This involves
implementing a management style and structure, as well as determining the key
variables for success. A control system must be established, so that any problem
areas can be quickly identified and resolved. Some entrepreneurs have difficulty
managing and growing the venture they created.

3) What excites you about being an entrepreneur? What are your major
concerns?
(10m)
The exciting attributes of being an entrepreneur is setting your own
standards. Creating jobs for the community and putting resources back in the
community served. Leaving a legacy for the next generation and giving young
people an opportunity to learn a new skill and concepts.
The concerns revolve around not having the resources to continue running the
business. The product or service rendered is no longer needed and not having the
technology to advance. The business failing because of bad decisions that were
made.
The global economic crisis has negatively impacted many
entrepreneurs. Those who began their businesses during better times have found
themselves in severe financial trouble. However, the downfall in the global economy
has also presented a new opportunity like never before for individuals to become
entrepreneurs. Although many businesses have failed as a result of the economic
crisis, it has proven to be fertile ground for many. I believe the global economic
crisis has forced many people to look at their own skills and talents as a viable
means of supporting themselves and their families. The worsening economic crisis
has arguably become the biggest motivator for those who have been contemplating
entrepreneurship.
I am most excited about the opportunity to make a living by doing what I truly
enjoy. I am thrilled about the ability to share my passion(s) with others who may also
share the same passion but lack the necessary skills to do it own their own. I believe
that entrepreneurship will allow me to be a more productive member of my
community & affect positive changes on a more personal level.
The biggest concern about entrepreneurship is the fear of failure. I worry
about the pitfalls of working for myself; not having the support system that was part
of the corporate world. I also wonder about how to finance my business. Time
management is another concern for me. As the only employee of my business, I
often wonder how I will effectively schedule my appointments so that I do not have to
forego an opportunity because of time constraints.

4) a. List and discuss the phase in an entrepreneurial process.
(8m)

Opportunity identification is the process by which an entrepreneur
comes up with the opportunity for a new venture.
Developing a business plan a good business plan must be developed in
order to exploit the defined opportunity.
Resources required the resources needed for addressing the opportunity
must also be determined.
Managing the enterprise after resources are acquired, the entrepreneur
must use them to implement the business plan.

b. State and explain three (3) pressures arising from an entrepreneur
growing his business firm.
(12m)
Understanding their customer and helping them
Another pressure that an entrepreneur needs to face is transitioning from owner to
leader
Lastly is recognizing and overcoming the common pitfalls associated
with growth in business. Recognising and overcoming the common pitfalls
associated with growth is essential if your business is to continue to grow and thrive.
Crucially, you need to ensure that the steps you take today don't themselves create
additional problems for the future. Effective leadership will help you make the most of
the opportunities, creating sustainable growth for the future.

must also transition from thinking of yourself as just a business owner and
start developing as a leader and coach. Recording a leader and coach is
challenging












5) Define superficial similarities and structural similarities. Which was noted as
the more challenging for entrepreneurs?
(10m)

Superficial similarities exist when the basic or relatively easy to observe
elements of the technology match the basic elements of the market. Structural
similarities exist when the underlying mechanisms of the technology resemble or
match the underlying mechanisms of the market.
The difference between superficial similarities and structural similarities is
superficial similarities when the basic or easy to observe elements of technology
resemble the basic or easy to observe elements of the market. Structural similarities
are when the underlying mechanisms of the technology resemble the underlying
mechanisms of the market. In short, if it is easily observed it is superficial, if not then
it is structural.
Structural was identified as the most challenging. The more challenging for
entrepreneur is structural similarities. The entrepreneurial challenge often lies in
making creative mental leaps based on structural similarities. This is best illustrated
with an example based on a real case that Denis Gregoire from Syracuse University
and Dean Shepherd from Indiana University used as part of a study of
entrepreneurial thinking. The example is a technology developed by space and
computer engineers at NASA Langley Research Center. It involves big and bulky
flight simulators used by space shutter pilot. As such, the technology elements are
very similar to a market for airline pilot training in flight simulators.
The flight simulators underlying the superficial situation. For example, attaching
sensor to individual forefingers. It will monitor the electric conductivity of their skin to
send signal to computer processor in another machine with which the individual
interacts. Thus, these one-to-one relationships culminate into a network of higher
order relationship that reflects the overall capabilities of the technology, its aim and
or its users.
The technology is capable of helping shuttle pilot or airlines pilot, or teenage
drives improve their abilities to focus, technology shares high levels of structural
similarities with the target market of parents who seek non pharmaceutical
alternatives to treat attention deficit ADHA The opportunity to apply the technology to
the market of parents seeking non pharmaceutical alternatives to treat ADHA was
not obvious to individuals who were distracted from the deeper structural similarities
by the superficial mismatch between the technology and the new market.

6) Describe the different between the causal process and the effectuation
process.
(10m)
Causal process is a process that starts with a desired outcome and focuses on
the means to generate that outcome. Which effectuation process is a process that
starts with what one has who they are, what they know, and whom they know and
selecting among possible outcomes.
Examples of causal process according to Professor Saras Sarasvathy from
Darden, University of Virginia. Imagine a chef assigned the task of cooking dinner.
There are two ways the task can be organized. In the first, the host or client picks out
a menu in advance. All the chef needs to do is list the ingredients needed, shop for
them, and then actually cook the meal. This is a process of causation. It begins with
a given menu and focuses on selecting between effective ways to prepare the meal.
Examples of effectuation process are the host asks the chef to look through the
cupboards in the kitchen for possible ingredients and utensils and then cook a meal.
Here, the chef has to imagine possible menus based on the given ingredients and
utensils, select the menu, and then prepare the meal. This is a process of
effectuation. It begins with given ingredients and utensils and focuses on preparing
one of many possible desirable meals with them.


www.sbaer.uca.edu/publications/entrepreneurship/pdf/01.pdf/
www.scribd.com/doc/.../Define-Briefly-the-Entrepreneurial-Process
www.quickmba.com Entrepreneurship
www.gdrc.org/icm/micro/define-micro.html
http://www.termpaperwarehouse.com/essay-on/Discussion-Questions/40319
www.testbanksolutionmanualcafe.com/.../Test%20Bank%20for%20Entreprene.
www.highered.mheducation.com/sites/dl/free/.../979877/his29198_ch01_.pd

S. Sarasvathy, Causation and Effectuation: Toward a Theoretical Shift from
Economic Inevitability to Entrepreneurial Contingency, Academy of Management
Review 26 (2001), p. 245.
Sarasvathy, Causation and Effectuation, pp. 24547