entrepreneurial & its process
TRANSCRIPT
-
8/12/2019 Entrepreneurial & Its Process
1/20
Entrepreneurship and the
Entrepreneurial Process
-
8/12/2019 Entrepreneurial & Its Process
2/20
Objective
Understand the entrepreneurship and
entrepreneurial process.
-
8/12/2019 Entrepreneurial & Its Process
3/20
Entrepreneurship
The process of
starting and
running ones
own business
-
8/12/2019 Entrepreneurial & Its Process
4/20
Entrepreneur
An entrepreneur is an individual whoundertakes the risk associated with
creating, organizing, and owning abusiness
-
8/12/2019 Entrepreneurial & Its Process
5/20
Steps in the EntrepreneurialProcess
1. Discovery
2. Concept
Development3. Resourcing
4. Actualization
5. Harvesting
-
8/12/2019 Entrepreneurial & Its Process
6/20
Steps in the EntrepreneurialProcess
1. Discovery:The stage in which theentrepreneur generates ideas,recognizes opportunities, and studiesthe market
Innovation
Opportunity
-
8/12/2019 Entrepreneurial & Its Process
7/20
Discovery
Consider yourhobbies or skills
Consider consumerneeds and wants
Conduct Surveys andquestionnairestest the
market Study demographics
-
8/12/2019 Entrepreneurial & Its Process
8/20
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.
Steps in the EntrepreneurialProcess
2. Concept Development:
Develop a business plan:adetailed proposal describing
the business idea
Executive summary
Code of ethics
Mission Statement
-
8/12/2019 Entrepreneurial & Its Process
9/20
Concept Development
Choose business location
Will a patent or trademark be required?
-
8/12/2019 Entrepreneurial & Its Process
10/20
Steps in the EntrepreneurialProcess
3. Resourcing:The stage in which theentrepreneur identifies and acquires
the financial, human, and capital
resources needed for the venture
startup, etc
Start-up resources
http://www.google.com/imgres?imgurl=http://upload.ecvv.com/upload/Product/20093/China_Deck_Oven_bakery_equipment20093181628580.jpg&imgrefurl=http://www.ecvv.com/product/1891054.html&usg=__FUYEJwgpEaM8baXaVztLLG5clMw=&h=749&w=600&sz=57&hl=en&start=2&zoom=1&itbs=1&tbnid=QOkK5E_GPvE6OM:&tbnh=141&tbnw=113&prev=/images%3Fq%3Dbakery%2Bmachinery%26hl%3Den%26safe%3Dactive%26gbv%3D2%26tbs%3Disch:1&ei=fmRtTaCgMs-3tgfA6fmBBg -
8/12/2019 Entrepreneurial & Its Process
11/20
Resourcing
Identify potentialinvestors
Hireemployees
Apply for loans,grants andassistance
-
8/12/2019 Entrepreneurial & Its Process
12/20
Steps in the EntrepreneurialProcess
4. Actualization:The stage in whichthe entrepreneur operates the
business and utilizes resources to
achieve its goals/objectives.$$ Grand Opening $$
Day-to-DayOperations
-
8/12/2019 Entrepreneurial & Its Process
13/20
Steps in the EntrepreneurialProcess
5. Harvesting:The stage in which theentrepreneur decides on ventures
future growth, development, or
demise
What is your 5-year or 10-year plan?
Consider adding locations or providing differentproducts/services
Will you go public?
-
8/12/2019 Entrepreneurial & Its Process
14/20
Check for Understanding
-
8/12/2019 Entrepreneurial & Its Process
15/20
You are collecting, reviewing, and interpreting
surveys you distributed last week about your new
business idea. What stage of the entrepreneurialprocess are you in?
A. Actualization
B. Concept Development
C. Discovery
D. Harvesting
-
8/12/2019 Entrepreneurial & Its Process
16/20
You are currently seeking people and companies
to invest in your business venture. What stage ofthe entrepreneurial process are you in?
A. Actualization
B. Concept Development
C. Discovery
D. Resourcing
-
8/12/2019 Entrepreneurial & Its Process
17/20
What is an example of an activity for a business
person who is entering the harvesting stage ofentrepreneurship?
A. Considering opening a second store
B. Gathering market research data about the
product
C. Having a grand opening for the business
D. Seeking financial assistance from the Small
Business Administration
-
8/12/2019 Entrepreneurial & Its Process
18/20
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?
A. Actualization
B. Concept Development
C. Discovery
D. Resourcing
-
8/12/2019 Entrepreneurial & Its Process
19/20
Offering shares of stock to public investors and
planning goals for the business during the next
five years are examples of activities in which stageof the entrepreneurial process?
A. Actualization
B. Concept Development
C. Harvesting
D. Resourcing
-
8/12/2019 Entrepreneurial & Its Process
20/20
Having a large grand opening sale or a summer
clearance sale are examples of which stage of theentrepreneurial process?
A. Actualization
B. Concept Development
C. Harvesting
D. Resourcing