The Entrepreneurial Process
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8th Exploring Business Technologies BU20
Transcript of The Entrepreneurial Process
ENTREPRENEURIAL
PROCESS The
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The 5 steps of the entrepreneurial process
Discovery #1
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Discovery #1 The stage at which the entrepreneur generates ideas,
recognizes opportunities, and studies the market.
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Discovery During the
Stage
The Entrepreneur will…
Hobbies & Consider their
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Skills
Needs & Consider consumer
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Wants
Research
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the market
Concept #2
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Development
Concept #2
When the entrepreneur develops a business plan, chooses a business location, and
determines if a patent/trademark is needed
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Development
Concept During the
Development The Entrepreneur will…
Stage
Formal & Write a
Detailed plan for the business
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Resourcing #3
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Resourcing #3
When the entrepreneur acquires the needed financial, human, and
capital resources for the business to start.
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Resourcing During the
The Entrepreneur will…
Stage
Investors & Locate
Revenue resources
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Employees Hire
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Actualization #4
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Actualization #4
When the entrepreneur has opened the business and is actively operating it.
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Actualization During the
The Entrepreneur will…
Stage
Customers & Open the business to
Manage day to day operations
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Harvesting #5
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Harvesting #5
When the entrepreneur is deciding on the business’ future
growth, development, or ending.
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Harvesting During the
The Entrepreneur will…
Stage
Location or Consider
Product expansion
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Closing Consider possibly
if needed
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