Entrepreneurship: Stages, Financing, Venture Capital, Patents, Business Entities, Marketing, First Mover Advantage

Running head: ENTREPRENEURSHIP
Entrepreneurship
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1ENTREPRENEURSHIP
Answer 1)
The stages in the model of the entrepreneurial process are idea generation, concept
development, find resources, actualizing idea and harvesting. The entrepreneurs generate the
idea along with research the market at the stage of idea discovery. At the stage of concept
development, the entrepreneur gets detailed information regarding the mission, market and
competition of product (Scarborough, 2016). At the third stage, the entrepreneur finds the
resources that can help in implementation of his idea. The actualizing of idea is carried out at
the next stage when the plan of the entrepreneur is turned into reality. Harvesting refers to the
liquidity event that helps in cashing out the ownership position within the company (Kirzner,
2015).
The factors that give birth to a new enterprise are the innovative business idea, right
talent, network and sales.
The solo entrepreneurs can be said to be less successful as compared to the team
player because they possess limited perspective, have little amount of moral support and have
a small network.
Answer 2)
A business can be financed with the help of bank loan, credit card, crowd funding,
attracting an investor, raising money from family and friends and by getting a microloan. The
banks possess earmarked additional funds that can help in the starting of a new business. A
credit card can be used for the funding of business and it can help in extending the account
payable period that can help in shoring up cash flow (Drucker, 2014). Crowd funding sites
can be taken recourse to that can help in raising money in relation to a creative project. One
can also take the help of family along with friends that can help in the financing of a

2ENTREPRENEURSHIP
business. An entrepreneur can also make use of a micro loan that can help in providing
finance in relation to a small business.
Answer 3)
An ideal candidate who wants to opt for venture capital has to meet certain criterias.
An ideal candidate should be skilled and expert in the respective field of his business venture.
Cpital efficiency should be there in the mind of the ideal candidate. First round funding can
enable a company in reaching meaningful milestone that can help in building tangible
business value in long run. The ideal candidate should be capable of making the product
address the growing new market. The product or that of the service should be built on the
basis of intellectual property that can help in providing competitive distinction that has
measurable benefits (Kuratko, 2016). The candidate should possess experienced
management team that can help in performing all kinds of tasks with the necessary skills.
Candidate should be able to use capital that has been allocated to him for meeting the needs
of the company. Candidate should be able to provide the business with competitive advantage
and there should be a strategic efficient business model that can help in the functioning of the
company.
Answer 4)
The pros of patenting a product are that it can help in limiting competition and
providing potential profit. The cons in relation to patenting a product are owing to the
expenses and that it necessitates public disclosure. The patenting of a product can help in
limiting the element of competition that can help the company in gaining more market share.
The exclusivity which accompanies the patented products can help in providing patent holder
with the opportunities that can help in increasing profits (Parker, 2018). Argument that goes
against the obtaining of a patent relates to monetary cost. The process of patenting can be