132 Sep 2022 Discovery Concept Devel Resourcing Actualization Harvesting Steps in the Entrepreneurial Proc 1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market ea oppertunty12 Sep 2022, IDEA OPPORTUNITY LINNOVATION. An ide, exist or is not e is a concept for a product or service that doesnit rrently available in a market niche, It may be a brand-new concept or an improvement of a current product or service. In contrast, an opportunity is an idea for service with a market that is willing to pay for that product or service so that it can Form the basis of a profitable business. now product or Innovation is the process of th king changes to somet dus Value to customers. Whats an Opportunity12.5ep 2022 ‘Three Ways to Identify Opportunity ‘Consider your hobbies or sls = \ Spare g Sate am Conduct Surveys and Questionnaires ‘he market Consider Consumer heeds and wants ‘Study Demographics land Market Reseoreh 6:2. Concept Development: + Develop a business plan: a dolailed proposal describing the business idea 1250p 2021 Tmportant Components of Business Plan Executive Surnmary ‘Mission Company Overview Product The Market ‘Marketing plan Competition/competitors Risk/Opportunity Employees Management Copital Requirements Conclusion12 Sep 2022 Concept Development * Choose business location + Willa patent or trademark be required? x ‘Atradermatks. a word, pase, synibol or design, or» combination twos pecs, symbol ov desis that Wentiies and ‘istingulhes the source of te good fone party from those of fathers ~ A copyright protets works Fa that ha patent for ah inves eit: sued bythe1250p 202: Steps in the Entrepreneurial Process 3. Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, ete Start-up resources Resourcing 3) s \ Apply for loans, grants and on q ee ldentify potential Investors Hire employees I12 Sep 2022 Steps in the Entrepreneurial Process 4, Actualization: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives. soon PP Day-to-Day Operations Steps in the Entrepreneurial Process 5. Harvesting: The stage in which the entrepreneur decides on business's future growth’ development, or demise ‘What is your 5-year or 10-year plan? Consider adding locations or providing different producte'services ‘ll you go public?128¢9 202 SCANNING THE MARKETING ENVIRONMENT12.5ep 2022 SEEKING, SCREENING AND SEIZING12 Sep 2022