3.

02
Entrepreneurship and
the Entrepreneurial
Process

Objective 3.02 Understand the

entrepreneurship and the
entrepreneurial process.
• The process of
starting and running
one’s own business
Entrepreneurship
Entrepreneur
• An entrepreneur is an
individual who undertakes
the risk associated with
creating, organizing, and
owning a business
Steps in the
Entrepreneurial Process

1. Discovery 2. Concept
Development 3. Resourcing 4.
Actualization 5. Harvesting
Consider consumer needs and
Consider
wants
your hobbies or skills
Conduct Surveys and
questionnaires
Study demographics
Steps in the
Entrepreneurial Process
1. Discovery: The stage in

which the entrepreneur generates

ideas, recognizes opportunities,

and studies the market

Steps in the
Entrepreneurial
Process
2. Concept Development: –
Develop a business plan:
a detailed proposal describing the
business idea – Choose business
location – Will a patent or
trademark
be required?

Identify entrepreneur
potential identifies and
investors acquires the
3. financial,
Resourcing: human, and
The stage in capital
which the resources
needed for the employees
venture Apply for
startup, etc loans, grants
Hire and
assistance
Steps in the
Entrepreneurial
Process
Steps in the
Entrepreneurial
Process

4. Actualizatio
n: The stage es.
in which the $$ Grand Opening
$$
entrepreneur
operates the
business and
utilizes
resources to
achieve its
goals/objectiv Day-to-Day
Operations

Steps in the
Entrepreneurial
Process
5. Harvesting: The
stage in which the
entrepreneur decides on
venture’s future growth,
development, or demise
Steps in the
Entrepreneurial
Process
5. Harvesting:

What is your 5-year plan?

Consider Expansion:
• Possibly add multiple locations
• Providing different
products/services What is your
10-year plan? Will you go
public ? NYSE or
NASDAQ