The success or failure of a business depends to a large extent on the processes and procedures undertaken in its establishment. This book chapter therefore focuses on the entrepreneurial process, with special emphasis on starting new business ventures. Entrepreneurial process involves all the functions, activities, and actions that are associated with identifying and evaluating perceived opportunities as well as bringing together all resources that are necessary for the successful formation of a new firm. This process involves the following phases: generating ideas, identifying and evaluating the opportunity, developing a business plan, determining the required resources, managing the enterprise.
