Download - Five Stages of the Entrepreneurial Process

Entrepreneurial CultureEntrepreneurial Culture and the Entrepreneurial Process

EntrepreneurEntrepreneur• An entrepreneur is an An entrepreneur is an individual individual who undertakes the risk who undertakes the risk

associated with creating, organizing, and owning a associated with creating, organizing, and owning a business.business.

• Entrepreneurship is not an inborn skill, it is a product of the Entrepreneurship is not an inborn skill, it is a product of the environment. It involves a complex of economic and social environment. It involves a complex of economic and social behaviour. To be successful, an entrepreneur has to remain behaviour. To be successful, an entrepreneur has to remain dynamic and responsible to the whole environment. dynamic and responsible to the whole environment. Entrepreneurship can hardly survive under any given Entrepreneurship can hardly survive under any given circumstances. 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.

ENTREPRENEURIAL ENTREPRENEURIAL CULTURECULTURE

• In fact, the entrepreneurship cannot be kept aloof from the changing social values, In fact, the entrepreneurship cannot be kept aloof from the changing social values, ideologies, new emerging aspirations, environmental pressures, religious beliefs, ideologies, new emerging aspirations, environmental pressures, religious beliefs, consumer wants and society needs etc. Business is a system made up of certain 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 environmental factors which require the entrepreneur to adopt a dynamic attitude and a new strategy of their own.and a new strategy of their own.

• Entrepreneurial culture implies a set of values, norms and traits that are conducive Entrepreneurial culture implies a set of values, norms and traits that are conducive to the growth of entrepreneurship.to the growth of entrepreneurship.

• Cultural values deeply affect entrepreneurship and the level of economic Cultural values deeply affect entrepreneurship and the level of economic development – Structural conditions make development possible – cultural factors development – Structural conditions make development possible – cultural factors determine whether the possibility becomes an actuality.determine whether the possibility becomes an actuality.

Steps in the Entrepreneurial Steps in the Entrepreneurial ProcessProcess

1.1. DiscoveryDiscovery

2.2. Concept Concept DevelopmentDevelopment

3.3. ResourcingResourcing

4.4. ActualizationActualization

5.5. HarvestingHarvesting


11. . DiscoveryDiscovery:: The stage in which the The stage in which the entrepreneur entrepreneur generates ideasgenerates ideas, , recognizes opportunitiesrecognizes opportunities, and , and studiesstudies the marketthe market

Innovation

Opportunity

DiscoveryDiscovery

Consider your hobbies or skills

Consider consumer needs and wants

Conduct Surveys and questionnaires – test the

market Study demographics

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2. 2. Concept DevelopmentConcept Development: : – Develop a Develop a business planbusiness plan:: a a

detailed proposal describing detailed proposal describing the business ideathe business idea

Executive summary

Code of ethics

Mission Statement

Concept Development Concept Development

– Choose business Choose business locationlocation– Will a patent or trademark be required?Will a patent or trademark be required?


3. 3. ResourcingResourcing:: The stage in which the The stage in which the entrepreneur identifies and acquires entrepreneur identifies and acquires the the financialfinancial, , humanhuman, and , and capitalcapital resources needed for the venture resources needed for the venture startup, etc startup, etc

Start-up resourcesStart-up resources

ResourcingResourcing

Identify potential Identify potential investorsinvestors

Hire Hire employeesemployees

Apply for loans, Apply for loans, grants and grants and assistanceassistance


4. 4. ActualizationActualization:: The stage in which The stage in which the entrepreneur operates the the entrepreneur operates the business and utilizes resources to business and utilizes resources to achieve its goals/objectives.achieve its goals/objectives.

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Day-to-Day Operations


5. 5. HarvestingHarvesting:: The stage in which the The stage in which the entrepreneur decides on venture’s entrepreneur decides on venture’s future future growthgrowth, , developmentdevelopment, or , or demisedemise

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

Consider adding locations or providing different products/services

Will you go public?