The Entrepreneurial Process

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8th Exploring Business Technologies BU20

Transcript of The Entrepreneurial Process

  • ENTREPRENEURIAL PROCESS The The 5 steps of the entrepreneurial process
  • Discovery#1
  • Discovery#1 The stage at which the entrepreneur generates ideas, recognizes opportunities, and studies the market.
  • Discovery During the Stage The Entrepreneur will
  • Hobbies & Consider their Skills
  • Needs & Consider consumer Wants
  • Research the market
  • Concept #2 Development
  • Concept #2 When the entrepreneur develops a business plan, chooses a business location, and determines if a patent/trademark is needed Development
  • Concept During the Development The Entrepreneur will Stage
  • Formal & Write a Detailedplan for the business
  • Resourcing #3
  • Resourcing #3 When the entrepreneur acquires the needed financial, human, and capital resources for the business to start.
  • Resourcing During the The Entrepreneur will Stage
  • Investors & Locate Revenueresources
  • Employees Hire
  • Actualization #4
  • Actualization #4 When the entrepreneur has opened the business and is actively operating it.
  • Actualization During the The Entrepreneur will Stage
  • Customers & Open the business to Manageday to day operations
  • Harvesting #5
  • Harvesting #5 When the entrepreneur is deciding on the business future growth, development, or ending.
  • Harvesting During the The Entrepreneur will Stage
  • Location or Consider Productexpansion
  • Closing Consider possibly if needed