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Entrepreneurship and the Entrepreneurial Process
Understand the entrepreneurship and the entrepreneurial process.
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Entrepreneurship The process of starting and running one’s own business
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Entrepreneur An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business
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Steps in the Entrepreneurial Process
Discovery Concept Development Resourcing Actualization Harvesting
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Steps in the Entrepreneurial Process
1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market Consider consumer needs and wants Consider your hobbies or skills Conduct Surveys and questionnaires Study demographics
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Steps in the Entrepreneurial Process
2. Concept Development: Develop a business plan: a detailed proposal describing the business idea Choose business location Will a patent or trademark be required?
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Steps in the Entrepreneurial Process
Apply for loans, grants and assistance 3. 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 Hire employees
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Steps in the Entrepreneurial Process
4. Actualization: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives. $$ Grand Opening $$ Day-to-Day Operations
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Steps in the Entrepreneurial Process
5. Harvesting: The stage in which the entrepreneur decides on venture’s future growth, development, or demise
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Steps in the Entrepreneurial Process
5. Harvesting: 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
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