What question did this study set out to answer?

The research aims to explain the entrepreneurial process model as a framework for understanding how ventures develop and sometimes fail.

February 11, 2026Open Access

The Entrepreneurial Process Model: A Dynamic Framework for Opportunity Creation, Evaluation, and Venture Evolution

Key Points

The research aims to explain the entrepreneurial process model as a framework for understanding how ventures develop and sometimes fail.
Systematic literature review of entrepreneurship frameworks
Analysis of factors influencing opportunity creation and evaluation
Examination of pitch dynamics and their role in resource acquisition
The entrepreneurial process is dynamic, involving multiple stages: opportunity identification, resource assessment, and venture management.
Emotional expressions in pitches significantly impact resource providers' evaluations of entrepreneurs' abilities and confidence.
Existing insights from various fields, including economics and psychology, enhance understanding of entrepreneurship under uncertainty.

Abstract

The entrepreneurial process model represents one of the most influential frameworks in entrepreneurship scholarship, offering a systematic explanation of how new ventures emerge, evolve, and, in some cases, fail. Rather than portraying entrepreneurship as a single act of innovation or risk-taking, the model conceptualizes it as an unfolding process shaped by opportunity perception, individual cognition, resource constraints, institutional contexts, and market dynamics. This process-oriented view has become central to doctoral-level research because it integrates insights from economics, psychology, sociology, and strategic management. By focusing on sequences of actions and decisions over time, the entrepreneurial process model allows scholars to move beyond static descriptions and toward a deeper understanding of entrepreneurial behavior under uncertainty. From the moment entrepreneurs identify a business opportunity until the formal creation and management of a startup, they must overcome several challenges. A successful entrepreneur needs to identify an opportunity, develop the concept, assess the required resources, acquire the necessary resources, and, in the end, manage and harvest the venture (Freitas, et al., 2024). How entrepreneurs deliver their startup pitches shapes resource providers' evaluations. Work in this space highlights the performative nature of pitches. Entrepreneurs' expressions such as body, facial, and vocal expressions convey important emotions or information regarding ability and confidence during the pitch which, in turn, can influence resource providers' evaluations (McSweeney, et al., 2025).

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