Typical problem of Entreprenurship Free Essay Example, 2000 words

The process of entrepreneurship goes beyond the typical problem solving but rather involves the discovery, evaluation, and development of an entrepreneurial opportunity by overcoming the factors that may impede the creation of something new. When designing different situations to enhance their chances of finding these opportunities, entrepreneurs need to acknowledge that the process has four distinct phases. The entrepreneur first models existing situations in a manner that boosts his chances of finding an exploitable opportunity in order to create something new. The entrepreneur should, therefore, be alert to possibilities or situations that would create needed possibilities and modify them to boost his chances. The entrepreneur constantly looks for a need and an opportunity to create something new, and he/she strives to make every situation he discovers into a platform that can heighten his chances of getting an opportunity to start a new venture. Despite the fact that no formal m echanisms for identifying new business opportunities or situations can create these opportunities, some situations and sources are always fruitful. For example, an entrepreneur expands his network by engaging consumers who are often the best source of ideas for new ventures. We will write a custom essay sample on Typical problem of Entreprenurship or any topic specifically for you Only $17.96 $11.86/page One approach an entrepreneur can use to identify a situation that can be engineered to increase his chances of finding an entrepreneurial opportunity is through the observation of trends and critical analysis of how such trends can create opportunities to be pursued.