Academic Master

Human Resource And Management

Entrepreneurship Process Essay

Entrepreneurship is a fascinating idea that gives the personal liberty to follow their dreams. But it is not an easy work to as there will be different challenges while establishing a new enterprise. My first concern with the entrepreneurial process is the financial concern. There are not a lot of finances in your hand when you start off a business. Like for example, there is no continuous flow of money as before starting the entrepreneurial business many quit their last job, so they have to manage the expenses in some other way. Also, at the start of an enterprise, many companies do not generate more significant revenue. Because you have been working on the venture for a long time, then there might be finances accumulated during the process. Even when you think you have enough money to start a business, it is essential to have the budget plan for your enterprise. Most of the entrepreneurs are starting from the scratch so they have to expand their network and use the budget they have allocated wisely.

Another part of the development process I think I might face difficulty with is trial and error. When you already have a limited budget and the opportunities, it is hard to do the trial and error process because it can be expensive and time-consuming. Also, when you are using hit and try method or trial and error method for business then at that point it is not only adding up the cost but also becoming a tedious and stressful process to go through. When you are testing everything before it is sent to the market, then it can cost you a lot, and in return, there is not profit. Trial and error process is beneficial only when you have time and money.

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