Three critical processes that an entrepreneur must understand

An entrepreneur, whether a high school student or a recent college graduate or a seasoned professor, are all the same.  They have never been to the industry and never explored markets in detail.  It is important to understand three processes:

(1) The process of going from idea to a merchandise;
(2) The steps between a product and the buyer;
(3) The migration of a person's knowledge.

These three represent the flow of (1) objects; (2) money and value; and (3) person.  It is very important for a would-be entrepreneur to know where exactly he is, where his knowledge is, and where the industry and market is.

 

A person's maturation from book learning to career to business to creation-learning.

Migration from an idea to a merchandise.

Then it is important to understand the life cycles of a startup ...