Title

Formalizing The Front-End Of The Entrepreneurial Process Using The Stage-Gate Model As A Guide An Opportunity To Improve Entrepreneurship Education And Practice

Keywords

Business planning; Education; Entrepreneurialism; Risk management

Abstract

Purpose - While an increasing number of colleges and universities offer classes that teach students how to write a business plan, in practice the majority of new ventures are launched without the benefit of formal planning. The purpose of this paper is to propose a conceptual model to guide students and entrepreneurs through the process of pre-launch investigation and planning. Design/methodology/approach - To create themethodology, the authors rely on the stage-gate model from the product development literature. The stage-gate model is a conceptually sound set of steps that guide engineering students, practicing engineers, and product development specialists through the pre-launch stages of investigating the merits of new product or service ideas. Using the spirit and structure of the stage-gate model as a guide, the authors propose a model of the front end of the entrepreneurial process. Findings - The model includes five distinct steps, starting with the identification of a business idea and progressing through feasibility analysis, business planning, and the ultimate launch of the venture. Originality/value - The model proposed in this paper provides students and entrepreneurs a more structured and logical way of thinking through the merits of a business idea than is currently available.

Publication Date

6-2-2008

Publication Title

Journal of Small Business and Enterprise Development

Volume

15

Issue

2

Number of Pages

289-303

Document Type

Article

Personal Identifier

scopus

DOI Link

https://doi.org/10.1108/14626000810871682

Socpus ID

44349134611 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/44349134611

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