The document discusses the entrepreneurial startup process, which consists of 5 key components: 1) The entrepreneur who drives the venture, 2) The environment including resources and incentives, 3) The opportunity, 4) Startup resources like capital and labor, and 5) Creating the new venture organization. It also defines success as a continuing business and failure as one that has stopped operating at a loss.

1. ENTREPRENEURSHIP
Week 4
The Entrepreneurial Process
Presented by: Mr. Zayas

2. ENTREPRENEURSHIP
Key Term Review
http://www.slideshare.net/edzayas/lahainaluna-
entrepreneurship-d2-2012

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Entrepreneurial Startup Process
- Consists of 5 key components

4. ENTREPRENEURSHIP
1. 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.

5. ENTREPRENEURSHIP
2. The Environment – 4 kinds
a. Nature of environment whether uncertain,
highly competitive or fast changing.
b. Availability of resources like skilled labor
and 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.

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3. The Opportunity
An idea that has commercial value. But it only
has value when customers are willing and
ready to buy the product.

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4. Startup Resources
Capital
Skilled labor
Management expertise
Legal and financial advise
Facility
Equipment
Customers

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5. New Venture Organization
Infrastructure of the business – the
foundation that supports all products created.

9. ENTREPRENEURSHIP
New Business Success or Failure
Failed Business – has stopped operating with
loss of creditors.
Discontinuance – a business that is operating
under a different name.