Bhave: process model of entrepreneurial venture creation
8 important questions on Bhave: process model of entrepreneurial venture creation
Internally stimulated opportunity recognition
- opportunity recognition preceeded the decision to start their ventures.
- Once the sollutions to satisfy needs were found, the business possibilities became apparant. Over time, this became attractive and decision to start was made
- Again, this was followed by refinement of opportunities which led to identification of business concept
Venture creation has few steps
- Externally or internally opportunity recognition
- Business concept development
- organization creation
- product development
- supply and demand boundary
- customer feedback
Externally stimulated opportunity recognition
- The decision to start a venture is followed by an opportunity recognition.
- Decision was influenced by entrepreneurs personal and environmental circumstances
- Once the commitment to pursue opportunities was made, entrepreneurs refined the opportunities, which resulted in the identification of business concepts.
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Supply and demand boundary
- Chronologically next step after product development
- Reality not quite linear
- mostly customers lined up well before product creation
The first sale is a significant event, because
- concrete link between business concept and market that was recognized in opportunity stage
- Establish relationship with customers for first time (customer feedback is able now)
- bridges boundaries between supply and demand
Business concept development
- effort involved in claryfying business concept in order to achieve good fit between customer needs and the entrepreneurs perceptions of thos needs.
- Though concept may be defined well enough for entrepreneur to start venture, it may not match with customer needs
Stages process model
- Opportunistic stage: business process is chosen
- Physical creation: production technology is chosen
- Exchange state: product produces (opbrengst) is chosen
Both intern and extern stimulated opportunity recognition sequences a business concept, followed by commitment to begin. The commitment to physical creation, is a transition point between two stages
- after this commitment, entrepreneurs garner resources and use them toward organization creation and marketing (most visible stage in venture creation)
- once an idea is transformed into a product, and sold across supply and demand boundaries to customer for the first time, the entrepreneurial loop is complete
The question on the page originate from the summary of the following study material:
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