Table of Contents

World Encyclopedia of Entrepreneurship

World Encyclopedia of Entrepreneurship

Elgar original reference

Edited by Léo-Paul Dana

This comprehensive reference work, written by some of the most eminent academics in the field, contains entries on numerous aspects of entrepreneurship.

Chapter 38: Process

Yvon Gasse

Subjects: business and management, entrepreneurship


Yvon Gasse There is no universal model of the entrepreneurial process. However, it is possible to observe at least three recognized stages in the process: the idea, the project and the business, which are not only stages in development but also strategic moments in the life of an entrepreneur. THE IDEA The origins and sources of the idea are many and not always obvious. However, it is well known that 95 per cent of entrepreneurs work in fields in which they have experience, or at least a good knowledge, of the markets, the technologies or the industry. It also appears that 45 per cent of entrepreneurs have found their business idea in their previous employment (Gasse and D’Amours, 2000). More than 15 per cent of entrepreneurs have launched their businesses in areas linked to their hobbies and recreational pursuits as well as sports. The areas of study and training are also important sources of business ideas. Thus, it is above all the specific talents and knowledge of individuals that form the basis for business ideas. However, not all good ideas are good business opportunities; ideas are useless unless they are used. An idea is a necessary prerequisite but not sufficient in itself for the creation of a business. Indeed, the business opportunity must be a feasible idea or concept that meets a need, adds value, is distinctive and involves suitable and appropriate marketing. Above all, it is the entrepreneurial and managerial skills that are crucial in converting an idea into...

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