chapter  2
23 Pages

The value creation model for entrepreneurial firms

Business processes Business objectives are commonly achieved by following a well-defined practice using a step-by-step approach. A business process may be defined as a collection of interrelated tasks established to accomplish a specific organizational objective. It is a set of activities that are organized in time and space, and this process is continuous, logical, and natural. Business processes are usually represented in the form of a diagram or flowchart and composed of a number of clearly defined action-oriented components. Each component of the business process can often be divided into specific business sub-processes and decisions. Some business processes are clearly observable while others may be invisible, silent, and intangible.