6. DDiissccoovveerryy
Consider your
hobbies or skills
Consider consumer
needs and wants
Conduct Surveys and
questionnaires – test the
market
Study demographics
6
7. SStteeppss iinn tthhee EEnnttrreepprreenneeuurriiaall
PPrroocceessss
22.. CCoonncceepptt DDeevveellooppmmeenntt::
– DDeevveelloopp aa bbuussiinneessss ppllaann:: aa
ddeettaaiilleedd pprrooppoossaall ddeessccrriibbiinngg
tthhee bbuussiinneessss iiddeeaa
Executive summary
Code of ethics
Mission Statement
We thrive in an environment of academic excellence where students are prepared to meet
and exceed their future challenges. We recognize each student's worth and develop life-long
learners who make positive contributions to our changing society.
7
12. SStteeppss iinn tthhee EEnnttrreepprreenneeuurriiaall
PPrroocceessss
55.. HHaarrvveessttiinngg:: TThhee ssttaaggee iinn wwhhiicchh tthhee
eennttrreepprreenneeuurr ddeecciiddeess oonn vveennttuurree’’ss
ffuuttuurree ggrroowwtthh,, ddeevveellooppmmeenntt,, oorr
ddeemmiissee
What is your 5-year or 10-year plan?
Consider adding locations or providing different
products/services
Will you go public?
12
14. 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?
AA.. AAccttuuaalliizzaattiioonn
BB.. CCoonncceepptt DDeevveellooppmmeenntt
CC.. DDiissccoovveerryy
DD.. HHaarrvveessttiinngg
14
15. You are currently seeking people and companies
to invest in your business venture. What stage of
the entrepreneurial process are you in?
AA.. AAccttuuaalliizzaattiioonn
BB.. CCoonncceepptt DDeevveellooppmmeenntt
CC.. DDiissccoovveerryy
DD.. RReessoouurrcciinngg
15
16. What is an example of an activity for a business
person who is entering the harvesting stage of
entrepreneurship?
AA.. CCoonnssiiddeerriinngg ooppeenniinngg aa sseeccoonndd ssttoorree
BB.. GGaatthheerriinngg mmaarrkkeett rreesseeaarrcchh ddaattaa aabboouutt tthhee
pprroodduucctt
CC.. HHaavviinngg aa ggrraanndd ooppeenniinngg ffoorr tthhee bbuussiinneessss
DD.. SSeeeekkiinngg ffiinnaanncciiaall aassssiissttaannccee ffrroomm tthhee SSmmaallll
BBuussiinneessss AAddmmiinniissttrraattiioonn
16
17. 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?
AA.. AAccttuuaalliizzaattiioonn
BB.. CCoonncceepptt DDeevveellooppmmeenntt
CC.. DDiissccoovveerryy
DD.. RReessoouurrcciinngg
17
18. 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?
AA.. AAccttuuaalliizzaattiioonn
BB.. CCoonncceepptt DDeevveellooppmmeenntt
CC.. HHaarrvveessttiinngg
DD.. RReessoouurrcciinngg
18
19. Having a large grand opening sale or a summer
clearance sale are examples of which stage of the
entrepreneurial process?
AA.. AAccttuuaalliizzaattiioonn
BB.. CCoonncceepptt DDeevveellooppmmeenntt
CC.. HHaarrvveessttiinngg
DD.. RReessoouurrcciinngg
19