Formalizing the front‐end of the entrepreneurial process using the stage‐gate model as a guide

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.

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