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Essay / Research Paper Abstract
This 5 page paper is written in two parts. The first section of the paper examines the entrepreneurial process looking at the four different stages of that process, examining each stage in turn. The second section of the paper looks at which parts pf the process are most important and applies it to the healthcare environment. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEentphc.doc
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Unformatted sample text from the term paper:
the entrepreneurial process. The entrepreneurial process may be broken down into different stages, generally there are four stages which may be referred to using different terms but the
underlying meanings are the same. These stages are the development of the idea, the development of the plan, implementing the plan and then managing the business after implementing the plan.
Although each stage sounds an individual stage, in reality they are interlinked and interdependent, with one stage merging into the next. This can be appreciated by looking at them
individually in more detail. The first stage of the entrepreneurial process is seen as the idea. There needs to some type if
inspiration, but a good idea alone is not enough, the idea has to be one that is able to satisfy a market need, even if the market does not
yet exist, when a new market has to be created (Kotler and Keller, 2008; Streeter, 2002). There entrepreneur should examine the market to
determine if the idea has the potential to find a commercially viable fit. The examination should consider the way that the need is currently being satisfied and assess that solution
as a form of competition. For example, it is possible that there is already a solution in place, but it is not satisfactory, so the market is served by an
unsatisfactory solution. Alternatively, there may be a problem in the market due to lack of supply capacity; in these circumstances a new company may discover pre-existing unsatisfied demand (Streeter, 2002).
If this is the case it is likely to be a circumstance where there are abnormal profits, due to the high demand over the supply allowing the existing firm to
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