The Creation Cycle For an Entrepreneur

Illustration: The Creation Cycle

  This image uses the representation of a circle to illustrate the cycle of creation.

  This image displays that with good management within a business, the four

  stages are not independent and discreet: one is always in the process of planning,

  organizing, executing, or evaluating.

The stages are:

 

  Ideas: there are normally a large number of ideas for a business before the actual

  launch of a business. Inevitably after the launch, you are looking for other good ideas

  (ex: the expansion of the business, changes to be made within the business for 

  improvements, other ideas for new projects/businesses).

  Planning: the entrepreneur investigates to determine the viability of the idea by doing

  a feasibility study, creating a written plan listing the objectives for the business,

  creating a timetable and budget, and any other information that is pertinent to the plan

  in order to achieve the desired result. 

  Organization and Execution: the entrepreneur acquires and allocates resources

  available for use, distributes the responsibilities, and motivates personnel for the

  execution of work.

  Evaluation: the entrepreneur should put into place a system to measure the results

  and assure the continuation and improvement of work.