When starting a new venture or business, there is a sequential process that you can follow to help you stay on course. This process can be broken down into eight stages, starting with discovery and ending with implementation.
Much of the entrepreneurial process is focused on developing a product or service and planning how to successfully introduce it into the marketplace. To do this successfully, you need strong leadership in place. Leadership is particularly central to Stage Four: Strategic Planning, in which the vision for the venture is established.
Academic studies of entrepreneurship have identified the execution of a new venture's business plan as crucial to success—and it's quite possible for an innovative entrepreneurial idea to fail because of the mishandling of Stage Eight: Implementing. Check out our latest infographic to learn more about the eight stages in the entrepreneurial process.