ENTREPRENEURSHIP Week 4The Entrepreneurial Process Presented by: Mr. Zayas
ENTREPRENEURSHIP Key Term Reviewhttp://www.slideshare.net/edzayas/lahainaluna-entrepreneurship-d2-2012
ENTREPRENEURSHIPEntrepreneurial Startup Process - Consists of 5 key components
ENTREPRENEURSHIP1. The Entrepreneur – Driving force! - Pulls together resources needed to exploit an opportunity. - Creates a company to execute the opportunity. - Brings all of his/her life experiences. - Passion an persistence to see the venture through.
ENTREPRENEURSHIP2. The Environment – 4 kindsa. Nature of environment whether uncertain,highly competitive or fast changing.b. Availability of resources like skilled laborand start-up capital.c. Ways to realize value like favorable taxes,good markets and supportive govt policies.d. Incentives – “Enterprise Zones”, areas of a community that provide tax benefits.
ENTREPRENEURSHIP 3. The Opportunity An idea that has commercial value. But it only has value when customers are willing andready to buy the product.
ENTREPRENEURSHIP4. Startup ResourcesCapitalSkilled laborManagement expertiseLegal and financial adviseFacilityEquipmentCustomers
ENTREPRENEURSHIP 5. New Venture Organization Infrastructure of the business – thefoundation that supports all products created.
ENTREPRENEURSHIPNew Business Success or FailureFailed Business – has stopped operating withloss of creditors.Discontinuance – a business that is operatingunder a different name.