Entrepreneurial Cycle: Stages, Opportunities, Ideation, Resource Acquisition

Running head: ENTREPRENEURIAL CYCLE
Entrepreneurial Cycle
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Stages of The Entrepreneurial Lifecycle
The Entrepreneurial Lifecycle of any firm starts from the point where in an entrepreneur
starts to pursue a business or an organisation with the resources that he has gathered and
assembled. It involves a step by step plan that is involved with understanding the existing
situation in the market or the industry (Burns 2016). Accordingly, the entrepreneur is required to
take steps and implement strategies so that the organisation is established well and flourishes. In
this case the chosen organisation is that of a cafe – Old Hen Cafe. It is situated in Rangoon Road,
Singapore. Every entrepreneurial cycle consists of five parts. These parts include business
opportunities, ideation and testing, business model generation, resource acquisition and
management and execution.
The cafe should thus utilise resources and go through each of the parts of the life cycle so
that the business is sustainable and flourishes in the long-run. Through the presence of business
opportunities, entrepreneurs are responsible for expanding their respective businesses. The cafe
thus has to be formed and operated in such a way that the opportunities are created even under
the circumstances of impossible situations and in the presence of competitors. The ideas,
products and customers form the ideation and testing part of the life cycle wherein the firm is
required to understand and apply the techniques of marketing as well as implementing decision-
making strategies for setting prices as well as understanding the target market that the firm is
trying to capture and sell their products to (Jones 2015). The next step involves the generation of
a business model which consists of the different customer segments, value propositions,
channels, customer relationships, revenue streams, key resources, key activities, cost structures
and key partners. In this case the firm should identify each of the factors mentioned and should
be making use of disruptive business models so that the changing demand trends of the

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customers can be met automatically. After developing the business model, the firm needs to
ensure that the resources needed by the firm are gathered and utilised to the fullest possible
extent with respect to low cost inputs. The other steps include the appointment and management
of employees and running the different function of the firm in the best possible way in order to
ensure that the level of customer satisfaction is high.
Identification and Selection of Business Opportunities
The business opportunities facing the cafe in this case are numerous and can be utilised
with minimum cost incurrence. The cafe can innovate the technology, which they are using. This
in turn will help them to use the concept of returns to scale. The use of better and innovated
forms of technology will ensure that the number of opportunities facing the business as a whole
increases. This is the very process by which the disruptive business models will ensure that the
demands of the customers are met and that the level of customer satisfaction as a whole
increases. The selection of the business opportunities should also be based on the usage of smart
devices such that the firm is able to make informed decision making and take steps which are
valid and not involved with large amounts of risks. Business models are integral to being used in
the selection of business opportunities as they contain the right set of data, evidence and logic
behind the investments and value propositions being made by the firm. Some business models
combine the data available from the websites of the competitors to enable a nascent business to
have a clear idea of the type and strength of investment that is to be made. Digital platforms and
devices enable low cost decision making and analysis. This particular strategy should be used by
Old Hen Coffee as it will enable them to make low cost decision making and help them in a