The Entrepreneurial Process

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8th Exploring Business Technologies BU20

8th Exploring Business Technologies BU20

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  • 1. ENTREPRENEURIAL PROCESS The https://www.flickr.com/photos/kevcole/3879355176 The 5 steps of the entrepreneurial process
  • 2. Discovery#1 https://www.flickr.com/photos/kubina/123862186
  • 3. Discovery#1 The stage at which the entrepreneur generates ideas, recognizes opportunities, and studies the market. https://www.flickr.com/photos/kubina/123862186
  • 4. Discovery During the Stage The Entrepreneur will…
  • 5. Hobbies & Consider their https://www.flickr.com/photos/nick_moise/5755276989 Skills
  • 6. Needs & Consider consumer https://www.flickr.com/photos/eyrephotographyaustralia/7439901436 Wants
  • 7. Research https://www.flickr.com/photos/nomadic_lass/6820209341 the market
  • 8. Concept #2 https://www.flickr.com/photos/jonathankosread/8244072348 Development
  • 9. Concept #2 When the entrepreneur develops a business plan, chooses a business location, and determines if a patent/trademark is needed https://www.flickr.com/photos/jonathankosread/8244072348 Development
  • 10. Concept During the Development The Entrepreneur will… Stage
  • 11. Formal & Write a Detailedplan for the business https://www.flickr.com/photos/us-mission/6934698739/
  • 12. Resourcing #3 https://www.flickr.com/photos/peasap/935756569
  • 13. Resourcing #3 When the entrepreneur acquires the needed financial, human, and capital resources for the business to start. https://www.flickr.com/photos/peasap/935756569
  • 14. Resourcing During the The Entrepreneur will… Stage
  • 15. Investors & Locate Revenueresources https://www.flickr.com/photos/jurvetson/5437885444
  • 16. Employees Hire https://www.flickr.com/photos/ansik/3218139011
  • 17. Actualization #4 https://www.flickr.com/photos/pagedooley/3057952953
  • 18. Actualization #4 When the entrepreneur has opened the business and is actively operating it. https://www.flickr.com/photos/pagedooley/3057952953
  • 19. Actualization During the The Entrepreneur will… Stage
  • 20. Customers & Open the business to Manageday to day operations https://www.flickr.com/photos/arturstaszewski/7049332619
  • 21. Harvesting #5 https://www.flickr.com/photos/h-k-d/4777491309
  • 22. Harvesting #5 When the entrepreneur is deciding on the business’ future growth, development, or ending. https://www.flickr.com/photos/h-k-d/4777491309
  • 23. Harvesting During the The Entrepreneur will… Stage
  • 24. Location or Consider Productexpansion https://www.flickr.com/photos/jdub1980/8726699547
  • 25. Closing Consider possibly if needed https://www.flickr.com/photos/rickharris/3691522967