Entrepreneurship and the Entrepreneurial Process Understand the entrepreneurship and the entrepreneurial process.

Entrepreneurship The process of starting and running one’s own business

Entrepreneur An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business

Steps in the Entrepreneurial Process Discovery Concept Development Resourcing Actualization Harvesting

Steps in the Entrepreneurial Process Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and determines the feasibility of ideas, markets, ventures, etc

Steps in the Entrepreneurial Process While in the Discovery step it’s important to: Perform Market Surveys to gather data Questionnaires/Surveys Tests Look at Market Trends Study demographics Consider consumer needs and wants Matches skills or hobbies with market trends

Steps in the Entrepreneurial Process Questions to consider while performing surveys: What do you like most about our new product? What changes would improve our product? What do you like most about competing products? How likely would you recommend our product to others?

Steps in the Entrepreneurial Process Concept Development: This is when entrepreneurs plans the venture, identifies needed resources using business plan, and identifies strategies to protect intellectual property

Steps in the Entrepreneurial Process While in the Concept Development step it’s important to: Develop the business plan Choose location for business Consider patents, trademarks, or copyright protection

Steps in the Entrepreneurial Process Patents The exclusive rights granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years willing and able to produce at different prices

Steps in the Entrepreneurial Process Trademarks Any name, symbol, figure, letter, word, or mark adopted and used by a manufacturer or merchant in order to designate his or her goods

Steps in the Entrepreneurial Process Copyright The legal right granted to an author, composter, playwright, publisher, or distributor to exclusive publication, production, sale, or distribution of a literary, musical, dramatic, or artistic work

Steps in the Entrepreneurial Process Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc

Steps in the Entrepreneurial Process While in the Resourcing step it’s important to: Identify potential investors Apply for loans, grants and assistance Hire employees

Steps in the Entrepreneurial Process Actualization: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives.

Steps in the Entrepreneurial Process While in the Actualization step consist of: Your Grand Opening Your Day-to-Day Operations

Steps in the Entrepreneurial Process Harvesting: The stage in which the entrepreneur decides on venture’s future growth, development, or demise

Steps in the Entrepreneurial Process While in the Harvesting step it’s important to: What is your 5-year plan? Consider Expansion Possibly add multiple locations Providing different products/services What is your 10-year plan? Will you go public ? NYSE or NASDAQ