Bus 313 Case - Successful Entrepreneurship

The purpose of this paper is to explain the best case entrepreneurial scenario. While there

are three basic types of entrepreneurship there are five stages that help ensure successful

entrepreneurship. According to Wikipedia "An entrepreneur is an enterprising individual who

builds capital through risk and innovation." A lot goes into becoming a successful entrepreneur.

It is the process of planning, organizing, operating, and assuming risk of a business. (Kaplan,

J.,& Warren, A.(2010). Patterns of entrepreneurship management (3rd ed.) Hoboken, NJ Wiley

& Sons.) It takes a special person that possesses talent, boldness, and assurance. An

entrepreneur must possess a vision, most likely in something that they are skilled at. Being

skilled in the area of that vision is not always a must, but it does help when determining what

your dream business will be. The vision must be a passion. Making it a passion helps promote

the business by gaining investors, employees as well as customers.

There are three basic types of entrepreneurs; aspiring entrepreneurs, lifestyle

entrepreneurs, and growth entrepreneurs. An aspiring entrepreneur is one that only dreams of

owning a business but has not taken it to the next level. Lifestyle entrepreneur have the intention

of building a business for the hopes of only earning enough income to support themselves and

their family. Growth entrepreneurs are ones that think bigger. They want to build fast and as

large as possible. Serial entrepreneurs can be listed under this type, they tend to build and sell

several large businesses throughout their career.

The first stage is conducting opportunity analysis. This stage usually takes up to a year to

complete. Taking the idea and turning it into a vision. Recognizing sales pricing, sales strategies,

and opportunities threw lots of research.

Stage two is developing a plan and setting up the company. A plan is developed setting

goals, objectives, price development, marketing and distribution. In this stage it is also important

to make the decision