The Entrepreneurial Process and Legal Issues

Abstract

Abstract Purpose This chapter deals with the process perspective of entrepreneurship, that is, what prospective entrepreneurs should do and how they do it (the processes they use) to launch a new venture in the tourism field. The main purpose of this chapter is to explain what the entrepreneurial process is, the steps/phases to transit from idea to enterprise and the risks involved. Methodology/approach General review was conducted on conceptual issues and managerial aspects of the entrepreneurial process and legal issues. Findings This chapter highlights that the entrepreneurial process undergone by entrepreneurs is dual in nature, both in terms of action and thinking process. Given that the failure rate of new ventures is high, there is a need to focus on the importance of understanding the dynamics of entrepreneurship, the action process of the prospective entrepreneur and the potential risk impact. Research limitations/implications This chapter is explorative in nature because the discussion is based on a general review. Practical implications Prospective entrepreneurs should follow specific steps, a rational process to establish their business venture and to protect its operations against any event. Thus, any new business should manage risks appropriately, as well as record insurance to cover for unforeseen events. Originality/value This chapter provides an overview of the entrepreneurial process and legal risk issues that may affect the success of a new venture. The hands-on approach is particularly useful in dealing with the entrepreneurial mind when exploring new business ventures in the tourism field.