1. Standard 2: Analyze the concept of Entrepreneurship
EQ 2.02 Examine 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
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

6. Steps in the Entrepreneurial Process
2. Concept Development:
Develop a business plan: a detailed proposal describing the business idea
Choose business location
Determine if a patent or trademark is required.

7. 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

8. 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

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

10. 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 ? If so, trade on NYSE or NASDAQ?