Exploiting opportunities

Once you have a business idea worth pursuing, what are the next steps? There are no specific rules to follow since entrepreneurship is dynamic. Still, it’s possible to create a new venture by following a number of broad strokes and in this chapter we will do exactly that. What follows is an abridged version of the implementation stage in the entrepreneurial process.1 And for illustrative purposes we will walk through a seven-step action plan using a fictitious business case. Example scenarios are provided in the shaded boxes but you do not need to read them all to grasp the essential concepts ahead.