1. 3.02 Entrepreneurship and the Entrepreneurial Process
Objective 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
1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market
Innovation
Opportunity

6. Discovery Consider consumer needs and wants
Consider your hobbies or skills
Conduct Surveys and questionnaires – test the market
Study demographics

7. Steps in the Entrepreneurial Process
2. Concept Development:
Develop a business plan: a detailed proposal describing the business idea
Code of ethics
Executive summary
Mission Statement
We thrive in an environment of academic excellence where students are prepared to meet and exceed their future challenges.  We recognize each student's worth and develop life-long learners who make positive contributions to our changing society.

8. Concept Development Choose business location
Will a patent or trademark be required?

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

10. Apply for loans, grants and assistance Identify potential investors
Resourcing
Apply for loans, grants and assistance
Identify potential investors
Hire employees

11. 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

12. Steps in the Entrepreneurial Process
5. Harvesting: The stage in which the entrepreneur decides on venture’s future growth, development, or demise
What is your 5-year or 10-year plan?
Consider adding locations or providing different products/services
Will you go public?

13. Check for Understanding

14. You are collecting, reviewing, and interpreting surveys you distributed last week about your new business idea. What stage of the entrepreneurial process are you in?
Actualization
Concept Development
Discovery
Harvesting

15. You are currently seeking people and companies to invest in your business venture. What stage of the entrepreneurial process are you in?
Actualization
Concept Development
Discovery
Resourcing

16. What is an example of an activity for a business
person who is entering the harvesting stage of
entrepreneurship?
Considering opening a second store
Gathering market research data about the product
Having a grand opening for the business
Seeking financial assistance from the Small Business Administration

17. Preparing a business plan for a new business, renting a building for the new store, and copyrighting the website for the new business are all classified as which stage of the entrepreneurial process?
Actualization
Concept Development
Discovery
Resourcing

18. Offering shares of stock to public investors and planning goals for the business during the next
five years are examples of activities in which stage of the entrepreneurial process?
Actualization
Concept Development
Harvesting
Resourcing

19. Having a large grand opening sale or a summer clearance sale are examples of which stage of the
entrepreneurial process?
Actualization
Concept Development
Harvesting
Resourcing