Five Stages of the Entrepreneurial Process
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Entrepreneurial Culture and the Entrepreneurial Process
Entrepreneur An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business. Entrepreneurship is not an inborn skill, it is a product of the environment. It involves a complex of economic and social behaviour. To be successful, an entrepreneur has to remain dynamic and responsible to the whole environment. Entrepreneurship can hardly survive under any given circumstances. It can flourish only under the right environment. It is a part of the total system. The social values, culture, government policies, political system, technology, economic conditions, customs, laws, etc. influence the growth of entrepreneurship.
In fact, the entrepreneurship cannot be kept aloof from the changing social values, ideologies, new emerging aspirations, environmental pressures, religious beliefs, consumer wants and society needs etc. Business is a system made up of certain environmental factors which require the entrepreneur to adopt a dynamic attitude and a new strategy of their own. Entrepreneurial culture implies a set of values, norms and traits that are conducive to the growth of entrepreneurship. Cultural values deeply affect entrepreneurship and the level of economic development Structural conditions make development possible cultural factors determine whether the possibility becomes an actuality.
Steps in the Entrepreneurial Process1. Discovery 2. Concept Development 3. Resourcing 4. Actualization 5. Harvesting
Steps in the Entrepreneurial Process1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the marketInnovation Opportunity
Consider your hobbies or skills
Consider consumer needs and wants
Conduct Surveys and questionnaires test the market
Steps in the Entrepreneurial Process2. Concept Development: Develop a business plan: a detailed proposal describing the business idea
Code of ethicsExecutive summary
Mission StatementWe 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 lifelong learners who make positive contributions to our changing society.
Concept Development Choose business location Will a patent or trademark be required?
Steps in the Entrepreneurial Process3. Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc
ResourcingApply for loans, grants and assistance
Identify potential investors
Steps in the Entrepreneurial Process4. Actualization: The stage in whichthe entrepreneur operates the business and utilizes resources to achieve its goals/objectives.
$$ Grand Opening $$Day-to-Day Operations
Steps in the Entrepreneurial Process5. Harvesting: The stage in which theentrepreneur decides on ventures future growth, development, or demiseWhat is your 5-year or 10-year plan?
Consider adding locations or providing different products/servicesWill you go public?