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

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

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

4. Steps in the Entrepreneurial Process
Discovery
Concept Development
Resourcing
Actualization
Harvesting

5. 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

6. 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

7. 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?

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

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

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

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

18. 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