3.02 Entrepreneurship and the Entrepreneurial Entrepreneurship and the Entrepreneurial Process ......

download 3.02 Entrepreneurship and the Entrepreneurial Entrepreneurship and the Entrepreneurial Process ... Steps in the Entrepreneurial Process 3. Resourcing: The stage in which the entrepreneur

of 10

  • date post

    22-Mar-2018
  • Category

    Documents

  • view

    222
  • download

    6

Embed Size (px)

Transcript of 3.02 Entrepreneurship and the Entrepreneurial Entrepreneurship and the Entrepreneurial Process ......

  • 3.02 Entrepreneurship and

    the Entrepreneurial Process

    Objective 3.02 Understand the

    entrepreneurship and the

    entrepreneurial process.

  • Entrepreneurship

    The process

    of starting and

    running ones

    own business

  • Entrepreneur An entrepreneur is an

    individual who

    undertakes the risk

    associated with

    creating, organizing, and owning a business

  • Steps in the Entrepreneurial

    Process

    1. Discovery

    2. Concept

    Development

    3. Resourcing

    4. Actualization

    5. Harvesting

  • Steps in the Entrepreneurial

    Process 1. Discovery: The

    stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market

    Consider

    your hobbies

    or skills

    Consider

    consumer

    needs and

    wants

    Conduct Surveys

    and

    questionnaires

    Study

    demographics

  • Steps in the Entrepreneurial

    Process

    2. Concept Development:

    Develop a business plan:

    a detailed proposal

    describing the business

    idea

    Choose business location

    Will a patent or trademark

    be required?

  • Steps in the Entrepreneurial

    Process

    3. Resourcing: The stage in which the

    entrepreneur

    identifies and

    acquires the

    financial, human,

    and capital

    resources needed

    for the venture

    startup, etc

    Identify

    potential

    investors

    Hire

    employees

    Apply for

    loans,

    grants and

    assistance

  • Steps in the Entrepreneurial

    Process

    4. Actualization: The stage in which the

    entrepreneur

    operates the

    business and

    utilizes resources to

    achieve its

    goals/objectives.

    $$ Grand Opening $$

    Day-to-Day Operations

  • Steps in the Entrepreneurial

    Process

    5. Harvesting: The stage in which the

    entrepreneur

    decides on

    ventures future

    growth,

    development, or

    demise

  • Steps in the Entrepreneurial

    Process

    5. Harvesting:

    What is your 5-year plan?

    Consider Expansion:

    Possibly add multiple locations

    Providing different

    products/services

    What is your 10-year plan?

    Will you go public ? NYSE or

    NASDAQ