Entrepreneurial process

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1. Entrepreneurial Process

2. EntrepreneurshipEntrepreneurship
•The process of The process of
starting and starting and
running one’s running one’s
own businessown business

3. EntrepreneurEntrepreneur
•An entrepreneur is an An entrepreneur is an individual individual who who
undertakes the risk associated with undertakes the risk associated with
creating, organizing, and owning a creating, organizing, and owning a
businessbusiness

4. Entrepreneurial CareersEntrepreneurial Careers

6. Steps in the Entrepreneurial Steps in the Entrepreneurial
ProcessProcess
1.1.DiscoveryDiscovery
2.2.Concept Concept
DevelopmentDevelopment
3.3.ResourcingResourcing
4.4.ActualizationActualization
5.5.HarvestingHarvesting

7. Steps in the Entrepreneurial Steps in the Entrepreneurial
ProcessProcess
11. . DiscoveryDiscovery:: The stage in which the The stage in which the
entrepreneur entrepreneur generates ideasgenerates ideas, ,
recognizes opportunitiesrecognizes opportunities, and , and studiesstudies
the marketthe market
Innovation
Opportunity

8. DiscoveryDiscovery
Consider your
hobbies or skills
Consider consumer
needs and wants
Conduct Surveys and
questionnaires – test the
market
Study demographics

9. Steps in the Entrepreneurial Steps in the Entrepreneurial
ProcessProcess
2. 2. Concept DevelopmentConcept Development: :
–Develop a Develop a business planbusiness plan:: a a
detailed proposal describing detailed proposal describing
the business ideathe business idea
Executive summary
Code of ethics
Mission Statement

10. Concept Development Concept Development
–Choose business Choose business locationlocation
–Will a patent or trademark be required?Will a patent or trademark be required?

11. 3. 3. ResourcingResourcing:: The stage in which the The stage in which the
entrepreneur identifies and acquires entrepreneur identifies and acquires
the the financialfinancial, , humanhuman, and , and capitalcapital
resources needed for the venture resources needed for the venture
startup, etc startup, etc
Start-up resourcesStart-up resources

12. ResourcingResourcing
Identify potential Identify potential
investorsinvestors
Hire Hire
employeesemployees
Apply for loans, Apply for loans,
grants and grants and
assistanceassistance

13. 4. 4. ActualizationActualization:: The stage in which The stage in which
the entrepreneur operates the the entrepreneur operates the
business and utilizes resources to business and utilizes resources to
achieve its goals/objectives.achieve its goals/objectives.
$$ Grand Opening $$
Day-to-Day Operations

14. 5. 5. HarvestingHarvesting:: The stage in which the The stage in which the
entrepreneur decides on venture’s entrepreneur decides on venture’s
future future growthgrowth, , developmentdevelopment, or , or
demisedemise
What is your 5-year or 10-year plan?
Consider adding locations or providing different
products/services
Will you go public?

17. You are collecting, reviewing, and interpreting
surveys you distributed last week about your new
business idea. What stage of the entrepreneurial
process are you in?
A.A.ActualizationActualization
B.B.Concept Development Concept Development
C.C.DiscoveryDiscovery
D.D.Harvesting Harvesting

18. You are currently seeking people and companies
to invest in your business venture. What stage of
the entrepreneurial process are you in?
A.A.ActualizationActualization
B.B.Concept Development Concept Development
C.C.DiscoveryDiscovery
D.D.Resourcing Resourcing

19. What is an example of an activity for a business
person who is entering the harvesting stage of
entrepreneurship?
A.A.Considering opening a second storeConsidering opening a second store
B.B.Gathering market research data about the Gathering market research data about the
productproduct
C.C.Having a grand opening for the businessHaving a grand opening for the business
D.D.Seeking financial assistance from the Small Seeking financial assistance from the Small
Business AdministrationBusiness Administration

20. Preparing a business plan for a new business,
renting a building for the new store, and
copyrighting the website for the new business are
all classified as which stage of the entrepreneurial
process?
A.A.ActualizationActualization
B.B.Concept Development Concept Development
C.C.DiscoveryDiscovery
D.D.Resourcing Resourcing

21. Offering shares of stock to public investors and
planning goals for the business during the next
five years are examples of activities in which stage
of the entrepreneurial process?
A.A.ActualizationActualization
B.B.Concept Development Concept Development
C.C.Harvesting Harvesting
D.D.Resourcing Resourcing

22. Having a large grand opening sale or a summer
clearance sale are examples of which stage of the
entrepreneurial process?
A.A.ActualizationActualization
B.B.Concept Development Concept Development
C.C.Harvesting Harvesting
D.D.Resourcing Resourcing