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ENTREPRENEURIAL
PROCESS
The
https://www.flickr.com/photos/kevcole/3879355176
The 5 steps of the entrepreneurial process
Discovery#1
https://www.flickr.com/photos/kubina/123862186
Discovery#1
The stage at which the entrepreneur generates ideas,
recognizes opportunities, and studies the market.
https://www.flickr.com/photos/kubina/123862186
Discovery
During the
Stage
The Entrepreneur will…
Hobbies &
Consider their
https://www.flickr.com/photos/nick_moise/5755276989
Skills
Needs &
Consider consumer
https://www.flickr.com/photos/eyrephotographyaustralia/7439901436
Wants
Research
https://www.flickr.com/photos/nomadic_lass/6820209341
the market
Concept
#2
https://www.flickr.com/photos/jonathankosread/8244072348
Development
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
Concept
During the
Development
The Entrepreneur will…
Stage
Formal &
Write a
Detailedplan for the business
https://www.flickr.com/photos/us-mission/6934698739/
Resourcing
#3
https://www.flickr.com/photos/peasap/935756569
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
Resourcing
During the
The Entrepreneur will…
Stage
Investors &
Locate
Revenueresources
https://www.flickr.com/photos/jurvetson/5437885444
Employees
Hire
https://www.flickr.com/photos/ansik/3218139011
Actualization
#4
https://www.flickr.com/photos/pagedooley/3057952953
Actualization
#4
When the entrepreneur has opened the business and is actively operating it.
https://www.flickr.com/photos/pagedooley/3057952953
Actualization
During the
The Entrepreneur will…
Stage
Customers &
Open the business to
Manageday to day operations
https://www.flickr.com/photos/arturstaszewski/7049332619
Harvesting
#5
https://www.flickr.com/photos/h-k-d/4777491309
Harvesting
#5
When the entrepreneur is deciding on the business’ future
growth, development, or ending.
https://www.flickr.com/photos/h-k-d/4777491309
Harvesting
During the
The Entrepreneur will…
Stage
Location or
Consider
Productexpansion
https://www.flickr.com/photos/jdub1980/8726699547
Closing
Consider possibly
if needed
https://www.flickr.com/photos/rickharris/3691522967

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