Entrepreneurship Process

EDS 111
DR. MAXWELL OLOKUNDUN
 Entrepreneurial Process

Entrepreneurial process can be defined as the steps

taken in order to establish a new enterprise. It is a
step-by-step method, one has to follow to set up an
enterprise.

1. Discovery: An entrepreneurial process begins

with the idea generation, wherein the entrepreneur
identifies and evaluates the business opportunities.

2. Developing a Business Plan: Once the

opportunity is identified, an entrepreneur needs to
create a comprehensive business plan.
Contd.
3. Resourcing: The third step in the
entrepreneurial process is resourcing,
wherein the entrepreneur identifies the
sources from where the finance and the
human resource can be arranged.

4. Managing the company: Once the

funds are raised and the employees are
hired, the next step is to initiate the
business operations to achieve the set
goals.
Contd.
5. Harvesting: The final step in the
entrepreneurial process is harvesting
wherein, an entrepreneur decides on
the future prospects of the business,
i.e. its growth and development.
Why is entrepreneurship
important?
1. Employment: Entrepreneurs, in addition
to employing themselves, they also create
a number of job opportunities with their
business venture.
2. Entrepreneurs create change through
Innovation: Entrepreneurs come with
unique products which can help to resolve
the societal problems with ease.
Contd.

3. Community development: A community

is better off if its employment base is
diversified among many small
entrepreneurial firms. Entrepreneurship
leads to more stability and a higher quality
of community life.

4. Improve the standards of living:

Entrepreneur have implementing new ways,
techniques and inventions to improve the
standard.
 Conclusion: The place of
Entrepreneurship Education
Although we may have an inherent aptitude for a
discipline or subject, any skill can be improved 
if there’s a willingness to learn.

We live in a world where the future is uncertain,

and it belongs to creators and innovators. And
that’s why it’s important to learn and study 
entrepreneurship.

Entrepreneurship education serves as an excellent

foundation for the types of creative, innovative
ideas we need to succeed in the 21st century.