Entrepreneurial process

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    16-Apr-2017
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Transcript of Entrepreneurial process

  • Entrepreneurial Process

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  • EntrepreneurshipThe process of starting and running ones own business

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  • EntrepreneurAn entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business

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  • Entrepreneurial Careers

  • Steps in the Entrepreneurial ProcessDiscoveryConcept DevelopmentResourcingActualizationHarvesting

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  • Steps in the Entrepreneurial Process1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the marketInnovationOpportunity

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  • DiscoveryConsider your hobbies or skillsConsider consumer needs and wantsConduct Surveys and questionnaires test the market Study demographics

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  • Steps in the Entrepreneurial Process2. Concept Development: Develop a business plan: a detailed proposal describing the business ideaExecutive summaryCode of ethicsMission Statement

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  • Concept Development Choose business locationWill a patent or trademark be required?

  • 3. Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc Start-up resources

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  • ResourcingIdentify potential investorsHire employeesApply for loans, grants and assistance

  • 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

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  • 5. Harvesting: The stage in which the entrepreneur decides on ventures future growth, development, or demise What is your 5-year or 10-year plan?

    Consider adding locations or providing different products/services

    Will you go public?

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  • 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?

    ActualizationConcept Development DiscoveryHarvesting

  • You are currently seeking people and companies to invest in your business venture. What stage of the entrepreneurial process are you in?

    ActualizationConcept Development DiscoveryResourcing

  • What is an example of an activity for a businessperson who is entering the harvesting stage ofentrepreneurship?

    Considering opening a second storeGathering market research data about the productHaving a grand opening for the businessSeeking financial assistance from the Small Business Administration

  • 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?ActualizationConcept Development DiscoveryResourcing

  • Offering shares of stock to public investors and planning goals for the business during the nextfive years are examples of activities in which stage of the entrepreneurial process?

    ActualizationConcept Development Harvesting Resourcing

  • Having a large grand opening sale or a summer clearance sale are examples of which stage of theentrepreneurial process?

    ActualizationConcept Development Harvesting Resourcing

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