Entrepreneurial & Its Process

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    Entrepreneurship and the

    Entrepreneurial Process

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    Objective

    Understand the entrepreneurship and

    entrepreneurial process.

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    Entrepreneurship

    The process of

    starting and

    running ones

    own business

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    Entrepreneur

    An entrepreneur is an individual whoundertakes the risk associated with

    creating, organizing, and owning abusiness

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    Steps in the EntrepreneurialProcess

    1. Discovery

    2. Concept

    Development3. Resourcing

    4. Actualization

    5. Harvesting

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    Steps in the EntrepreneurialProcess

    1. Discovery:The stage in which theentrepreneur generates ideas,recognizes opportunities, and studiesthe market

    Innovation

    Opportunity

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    Discovery

    Consider yourhobbies or skills

    Consider consumerneeds and wants

    Conduct Surveys andquestionnairestest the

    market Study demographics

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    We thrive in an environment of academic excellence where students are prepared to meet

    and exceed their future challenges. We recognize each student's worth and develop life-

    long learners who make positive contributions to our changing society.

    Steps in the EntrepreneurialProcess

    2. Concept Development:

    Develop a business plan:adetailed proposal describing

    the business idea

    Executive summary

    Code of ethics

    Mission Statement

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    Concept Development

    Choose business location

    Will a patent or trademark be required?

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    Steps in the EntrepreneurialProcess

    3. Resourcing:The stage in which theentrepreneur identifies and acquires

    the financial, human, and capital

    resources needed for the venture

    startup, etc

    Start-up resources

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    Resourcing

    Identify potentialinvestors

    Hireemployees

    Apply for loans,grants andassistance

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    Steps in the EntrepreneurialProcess

    4. Actualization:The stage in whichthe entrepreneur operates the

    business and utilizes resources to

    achieve its goals/objectives.$$ Grand Opening $$

    Day-to-DayOperations

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    Steps in the EntrepreneurialProcess

    5. Harvesting:The stage in which theentrepreneur decides on ventures

    future growth, development, or

    demise

    What is your 5-year or 10-year plan?

    Consider adding locations or providing differentproducts/services

    Will you go public?

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    Check for Understanding

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    You are collecting, reviewing, and interpreting

    surveys you distributed last week about your new

    business idea. What stage of the entrepreneurialprocess are you in?

    A. Actualization

    B. Concept Development

    C. Discovery

    D. Harvesting

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    You are currently seeking people and companies

    to invest in your business venture. What stage ofthe entrepreneurial process are you in?

    A. Actualization

    B. Concept Development

    C. Discovery

    D. Resourcing

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    What is an example of an activity for a business

    person who is entering the harvesting stage ofentrepreneurship?

    A. Considering opening a second store

    B. Gathering market research data about the

    product

    C. Having a grand opening for the business

    D. Seeking financial assistance from the Small

    Business Administration

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    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. Actualization

    B. Concept Development

    C. Discovery

    D. Resourcing

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    Offering shares of stock to public investors and

    planning goals for the business during the next

    five years are examples of activities in which stageof the entrepreneurial process?

    A. Actualization

    B. Concept Development

    C. Harvesting

    D. Resourcing

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    Having a large grand opening sale or a summer

    clearance sale are examples of which stage of theentrepreneurial process?

    A. Actualization

    B. Concept Development

    C. Harvesting

    D. Resourcing