Entrepreneurship and the

Entrepreneurial Process

Objective
Understand the entrepreneurship and
entrepreneurial process.

Entrepreneurship
The process of
starting and
running ones
own business
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
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 your
hobbies or skills
Consider consumer
needs and wants
Conduct Surveys and
questionnaires test the
market
Study demographics
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Steps in the Entrepreneurial
Process
2. Concept Development:
Develop a business plan: a
detailed proposal describing
the business idea

Executive summary
Code of ethics
Mission Statement
Concept Development
Choose business location
Will a patent or trademark be required?

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, etc
Start-up resources
Resourcing
Identify potential
investors
Hire
employees
Apply for loans,
grants and
assistance

Steps in the Entrepreneurial
Process
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
Steps in the Entrepreneurial
Process
5. Harvesting: The stage in which the
entrepreneur decides on ventures
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?
Check for Understanding
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