Entrepreneurial Process

Entrepreneurship

• The process of
starting and
running one’s
own business
 Entrepreneur
• An entrepreneur is an individual who
undertakes the risk associated with
creating, organizing, and owning a
business
Entrepreneurial Careers
Steps in the Entrepreneurial
Process
1. Discovery
2. Concept
Development
3. Resourcing
4. Actualization
5. Harvesting
 Steps in the Entrepreneurial
Process
1. Discovery: The stage in which the
entrepreneur generates ideas,
recognizes opportunities, and studies
the market

Innovation

Opportunity
 Discovery

Consider consumer
Consider your needs and wants
hobbies or skills

Conduct Surveys and

questionnaires – test the Study demographics
market
Steps in the Entrepreneurial
Process
2. Concept Development:
– Develop a business plan: a
detailed proposal describing
the business idea

Code of ethics
Executive summary

Mission Statement
 Concept Development
– Choose business location
– Will a patent or trademark be required?
3. Resourcing: The stage in which the
entrepreneur identifies and acquires
the financial, human, and capital
resources needed for the venture
startup, etc

Start-up resources
 Resourcing
Apply for loans,
grants and
assistance

Identify potential
investors

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

$$ Grand Opening $$

Day-to-Day Operations
5. Harvesting: The stage in which the
entrepreneur decides on venture’s
future growth, development, or
demise
What is your 5-year or 10-year plan?

Consider adding locations or providing different

products/services

Will you go public?

You are collecting, reviewing, and interpreting
surveys you distributed last week about your new
business idea. What stage of the entrepreneurial
process are you in?

A. Actualization
B. Concept Development
C. Discovery
D. Harvesting
You are currently seeking people and companies
to invest in your business venture. What stage of
the entrepreneurial process are you in?

A. Actualization
B. Concept Development
C. Discovery
D. Resourcing
What is an example of an activity for a business
person who is entering the harvesting stage of
entrepreneurship?

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
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
B. Concept Development
C. Discovery
D. Resourcing
Offering shares of stock to public investors and
planning goals for the business during the next
five years are examples of activities in which stage
of the entrepreneurial process?

A. Actualization
B. Concept Development
C. Harvesting
D. Resourcing
Having a large grand opening sale or a summer
clearance sale are examples of which stage of the
entrepreneurial process?

A. Actualization
B. Concept Development
C. Harvesting
D. Resourcing