The pathway
to entrepreneurial ventures comes to us in various method. One can take the
pathway to entrepreneurial by:
1. Creating a new venture - The most effective way is to create a unique
product or service that is not being offered today, but would be in great
demand if it were.
2. Acquiring an existing venture - An entrepreneur may
seek to purchase a business venture rather than start a business.
3. Obtaining a franchise - A franchise is a form
of business that incorporates some of the independence of an entrepreneur with
the large umbrella of a corporation.
How does one decide which pathway to take?
The process has four distinct phases: (1)
identification and evaluation of the opportunity, (2) development of the
business plan, (3) determination of the required resources, and (4) management
of the resulting enterprise. Surprisingly, a large percentage of entrepreneurs find the pathway to their own company, by first working for large corporations. Once the employee become senior in their careers, they start to look for positions with smaller and smaller companies, like equity and high growth companies, until they decide to use their expertise to fuel their own entrepreneurial venture.
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