The entrepreneurial culture and spirit is on those who decide to take one step ahead to achieve success. It is a long-term process, that visionaires will have to keep on working to transform their environment. There are several models created by academics, that shows what is the entrepreneurial process about.
The Entrepreneurial Process
Entrepreneurial process definition
The entrepreneurial development of a person goes beyond education, which requires various factors to take place this complex process. I added the definition of William Bygrave, a professor at Babson College, about the entrepreneurial process.
The entrepreneurial process is a set of stages and events that follow one another. These entrepreneurial process stages are: the idea or conception of the business, the event that triggers the operations, implementation and growth. A critical factor that drive the development of the business at each stage as with most human behavior, entrepreneurial traits are shaped by personal attributes and environment.
The attitudes of the people are those who are shaping their own surroundings, if an entrepreneur looks for the characteristics of successful people, their chances of success increase, specially if they belong to an entrepreneurial ecosystem.
Entrepreneurial process stages
In the rest of the article it can be found two models that reflect what the entrepreneurial process is. In this section I will mention the stages of the model of the University of Pretoria, trying to simplify main points that an entrepreneur should consider.
The entrepreneurial process model by Hisrich and Peters
One of the models on the entrepreneurial process is of Robert Hisrich, a professor at the Thunderbird School of Global Management and Michael P. Peters author of several books on entrepreneurship. This model establishes the various factors and events surrounding the entrepreneurial process.
The entrepreneurial process model of the University of Pretoria
|Within the study and analysis of the University of Pretoria, they made its own model, which mixes different ideologies of different authors to adapt their entrepreneurial model. This model stands out more for its definition of stages and events throughout the process.|
4 Entrepreneurial process events stages
Within the entrepreneurial process, there are different events that are generated along the process.