The Entrepreneurial Process


Published on

8th Exploring Business Technologies BU20

The Entrepreneurial Process

  1. ENTREPRENEURIAL PROCESS The The 5 steps of the entrepreneurial process
  2. Discovery#1
  3. Discovery#1 The stage at which the entrepreneur generates ideas, recognizes opportunities, and studies the market.
  4. Discovery During the Stage The Entrepreneur will…
  5. Hobbies & Consider their Skills
  6. Needs & Consider consumer Wants
  7. Research the market
  8. Concept #2 Development
  9. Concept #2 When the entrepreneur develops a business plan, chooses a business location, and determines if a patent/trademark is needed Development
  10. Concept During the Development The Entrepreneur will… Stage
  11. Formal & Write a Detailedplan for the business
  12. Resourcing #3
  13. Resourcing #3 When the entrepreneur acquires the needed financial, human, and capital resources for the business to start.
  14. Resourcing During the The Entrepreneur will… Stage
  15. Investors & Locate Revenueresources
  16. Employees Hire
  17. Actualization #4
  18. Actualization #4 When the entrepreneur has opened the business and is actively operating it.
  19. Actualization During the The Entrepreneur will… Stage
  20. Customers & Open the business to Manageday to day operations
  21. Harvesting #5
  22. Harvesting #5 When the entrepreneur is deciding on the business’ future growth, development, or ending.
  23. Harvesting During the The Entrepreneur will… Stage
  24. Location or Consider Productexpansion
  25. Closing Consider possibly if needed