The Entrepreneurial Process

The Entrepreneurial Process

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INTRODUCTION

“The Entrepreneurial Process” by William D. Bygrave ( link) is a well-written piece that encompasses and explains simply how a start-up business is formed. His quote of Joseph Schumpeter’s definition of an entrepreneur is apt in capturing the entrepreneurial spirit to “destroy the existing economic order” and introduce a new product, service, system or material exploitation. Bygrave is also accurate in saying that the entrepreneurial process is not an accidental one but one that can be taught and developed. However if entrepreneurs are not accidental and can be influenced negatively or positively by external factors, the question now asked is how then is the environment of entrepreneurship in the world since Bygrave have refined on the process of entrepreneurship? This article shall focus primarily on a few of the many points mentioned by him and comment on it. I shall also use my hometown of Singapore, one of the fastest growing Startup hubs as a reference.