Entrepreneurial process

1. Week 7
Entrepreneurial Process:
Understand the entrepreneurial
process 2-1

2. Chapter Objectives
1. What Entrepreneurship.
2. Discussion entrepreneurial process.
2-2

3. Entrepreneurship
 The process of starting and running one’s own business.
Entrepreneur, just like management has no single
definition;
 Person who is action oriented, highly motivated, takes
risks to achieve goals;
 Person who establish his own business intending to make
profits;
 Person who only provides capital;
 Person who innovates, raise money, assemble input,
choose managers and set the organization growing;
2-3

4. Steps in Entrepreneurial Process
1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting
2-4

5. Steps in Entrepreneurial Process
1. Discovery
The stage in which the entrepreneur generates ideas,
recognizes opportunities and studies the market.
Innovation
Opportunity
Consider your hobbies and skills
Consider the consumer needs and wants
Conduct surveys and questionnaires
Study demographics
2-5

6. Steps in Entrepreneurial Process
Concept Development
Develop a business plan: A detailed proposal describing the
business ideas
Code of ethics
Mission statement
Choose business location
Will a patent or trademark required
2-6

7. Steps in Entrepreneurial Process
Resourcing:
The stage in which the entrepreneur identifies and acquires
the financial , human and capital resources needed for the
venture startup etc.
 Identify potential investors
Apply for loans, grants and assistance
Hire employees
2-7

8. Steps in Entrepreneurial Process
Actualization:
The stage in which the entrepreneur operates and utilize
resources to achieve its goals and objectives.
2-8

9. Steps in Entrepreneurial Process
Harvesting:
The stage in which the entrepreneur decides on venture’s
future growth, development or demise
 consider adding locations or providing different products
Will you go public?
2-9