Entrepreneurial & Its Process

8/12/2019 Entrepreneurial & Its Process

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Entrepreneurship and the

Entrepreneurial Process


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Objective

Understand the entrepreneurship and

entrepreneurial process.


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Entrepreneurship

The process of

starting and

running ones

own business


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Entrepreneur

An entrepreneur is an individual whoundertakes the risk associated with

creating, organizing, and owning abusiness


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Steps in the EntrepreneurialProcess

1. Discovery

2. Concept

Development3. Resourcing

4. Actualization

5. Harvesting


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1. Discovery:The stage in which theentrepreneur generates ideas,recognizes opportunities, and studiesthe market

Innovation

Opportunity


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Discovery

Consider yourhobbies or skills

Consider consumerneeds and wants

Conduct Surveys andquestionnairestest the

market Study demographics


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We 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 life-

long learners who make positive contributions to our changing society.


2. Concept Development:

Develop a business plan:adetailed proposal describing

the business idea

Executive summary

Code of ethics

Mission Statement


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Concept Development

Choose business location

Will a patent or trademark be required?


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3. Resourcing:The stage in which theentrepreneur identifies and acquires

the financial, human, and capital

resources needed for the venture

startup, etc

Start-up resources
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Resourcing

Identify potentialinvestors

Hireemployees

Apply for loans,grants andassistance


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4. Actualization:The stage in whichthe entrepreneur operates the

business and utilizes resources to

achieve its goals/objectives.$$ Grand Opening $$

Day-to-DayOperations


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5. Harvesting:The stage in which theentrepreneur decides on ventures

future growth, development, or

demise

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

Consider adding locations or providing differentproducts/services

Will you go public?


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Check for Understanding


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You are collecting, reviewing, and interpreting

surveys you distributed last week about your new

business idea. What stage of the entrepreneurialprocess are you in?

A. Actualization

B. Concept Development

C. Discovery

D. Harvesting


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You are currently seeking people and companies

to invest in your business venture. What stage ofthe entrepreneurial process are you in?

A. Actualization


C. Discovery

D. Resourcing


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What is an example of an activity for a business

person who is entering the harvesting stage ofentrepreneurship?

A. Considering opening a second store

B. Gathering market research data about the

product

C. Having a grand opening for the business

D. Seeking financial assistance from the Small

Business Administration


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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?

A. Actualization


C. Discovery

D. Resourcing


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Offering shares of stock to public investors and

planning goals for the business during the next

five years are examples of activities in which stageof the entrepreneurial process?

A. Actualization


C. Harvesting

D. Resourcing


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Having a large grand opening sale or a summer

clearance sale are examples of which stage of theentrepreneurial process?

A. Actualization


C. Harvesting

D. Resourcing

Entrepreneurial & Its Process

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