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.