The Entrepreneurial Process

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8th Exploring Business Technologies BU20


ENTREPRENEURIAL PROCESS The The 5 steps of the entrepreneurial process Discovery#1 Discovery#1 The stage at which the entrepreneur generates ideas, recognizes opportunities, and studies the market. Discovery During the Stage The Entrepreneur will Hobbies & Consider their Skills Needs & Consider consumer Wants Research the market Concept #2 Development Concept #2 When the entrepreneur develops a business plan, chooses a business location, and determines if a patent/trademark is needed Development Concept During the Development The Entrepreneur will Stage Formal & Write a Detailedplan for the business Resourcing #3 Resourcing #3 When the entrepreneur acquires the needed financial, human, and capital resources for the business to start. Resourcing During the The Entrepreneur will Stage Investors & Locate Revenueresources Employees Hire Actualization #4 Actualization #4 When the entrepreneur has opened the business and is actively operating it. Actualization During the The Entrepreneur will Stage Customers & Open the business to Manageday to day operations Harvesting #5 Harvesting #5 When the entrepreneur is deciding on the business future growth, development, or ending. Harvesting During the The Entrepreneur will Stage Location or Consider Productexpansion Closing Consider possibly if needed


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