Drug testing

Four Steps to Entrepreneurship

As more and more people start or consider starting their own business, it is important that they understand the core steps that are required to launch successful ventures. These steps include spotting, assessing, selecting and executing upon opportunities.

Spotting Opportunities

The first step to entrepreneurship is identifying opportunities. The entrepreneur must be able to spot an unmet need. Oftentimes this need is seen through an inefficiency in the market ? something that doesn't work quite the way the entrepreneur would like it to. As a result, the entrepreneur figures out a potential solution and the opportunity is born.

Assessing Opportunities

Many entrepreneurs keep a journal that details the myriad opportunities they come across each day. While it takes a creative skill set to identify opportunities, it takes an analytical skill set to assess them. Each opportunity should be assessed to, among others, determine its likelihood of success and the financial and human resources required to execute upon it.

Selecting Opportunities

One of the biggest risks in selecting the wrong opportunity is opportunity cost; that is, the cost of having to forego another opportunity which may have been wildly successful. Entrepreneurs should assess their potential opportunities and come to a firm decision regarding which one to execute upon. Once selected, the entrepreneur cannot second guess themselves. To do so would lessen their focus and drive towards the selected opportunity, both of which are critical in achieving success.

Executing Upon Opportunities

Execution, or the ability to generate the most value out of an opportunity, requires a unique combination of creativity, passion, persistence, focus, responsibility, intelligence, planning and energy. The entrepreneur needs to know what tasks must be accomplished and be the main driver in seeing that these tasks are completed in an appropriate manner.

Understanding the four steps to entrepreneurship enables entrepreneurs to better understand the path that they are embarking upon. It is a path filled with potential pitfalls, but also filled with tremendous excitement, satisfaction and potential to build enormous value.

Since its inception, Growthink Professional Business Plans has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information please visit http://www.growthink.com or visit our venture capital placement site at GTS Venture Capital.

limousine chicago service
In The News:

What It Takes To be An Entrepreneur Series: Action

Many people have the professed desire to be their own... Read More

Is Now the Right Time to Become An Entrepreneur?

A number of economic changes are magnifying the role of... Read More

Realism vs. Optimism in the Business Plan

The most important function of a business plan is to... Read More

How to Be an Entrepreneur and Keep Your Sanity

Define for yourself what an Entrepreneur is:What makes you think... Read More

Developing A Contract

As a service provider, the most important type of "boundary"... Read More

From Entrepreneur to Infopreneur: Make Money Selling Info Products

The term "Infopreneur" is a relatively new industry buzz word... Read More

5 TIPS for Home-Based Business Entrepreneurs

Have you ever heard that only a small part (5%)... Read More

Creativity & Entrepreneurship - Key Questions From My Students

Hello Creative Entrepreneurs!Thought for the day:"It is not easy being... Read More

Is Running a Business for You?

Not everyone is cut out to run a business. Not... Read More

The Danger Of Hate

As you have shown an interest in starting a business... Read More

Selecting a Venture

The basic rule is simple: "Find a market need and... Read More

Confidence = Preparation + Courage

It always amazes me when I see someone on television... Read More

Defining a R&D Framework for Entrepreneurship and Innovation on Information Product Generation

IntroductionKnowledge is the key resource that forms the institutional basis... Read More

Surviving the Three Pitfalls of Business Ownership

The morning sun sheds its brilliance and warmth... Read More

Needs Versus Wants For Entrepreneurs

How often do the words "I need" come out of... Read More

Starting a Company on a Shoe-String Budget

A lot of people never start businesses because they believe... Read More

Learn how to Compress Time

In the popular 1980's movie "Dune," man learned that by... Read More

Solving the Million Dollar Mystery: 4 Steps To Create A Turn-Key Business

You're a smart, hardworking entrepreneur, and you're moving fast. You... Read More

Double Your Income Automatically

It is a common known fact that it is far... Read More

Starting Your Business: It All Boils Down To Making Money and Saving Money

Bootstrapping in the context of business start-ups refers to the... Read More

Two Types of Business Plan Executive Summaries

Companies seeking capital often ask how long the Executive Summary... Read More

How To Start a New Business

While it is tempting to just leap into a new... Read More

Before Getting A Franchise

Buying into a franchise is a great way to be... Read More

Top 10 Business Plan Myths of Solo Entrepreneurs

Don't let these stop you from having a business plan... Read More

Starting Your Business By The Book

I've gotten several questions recently about the legalities of starting... Read More

security street lighting high power led street lighting Pete's produce ..