ebt 3.02 five stages of the entrepreneurial process

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3.02 Entrepreneurship and the Entrepreneurial Process Objective 3.02 Objective 3.02 Understand the entrepreneurship and the entrepreneurial process.

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five Stages of the Entrepreneurial Process

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Page 1: EBT 3.02 Five Stages of the Entrepreneurial Process

3.02 Entrepreneurship and the Entrepreneurial Process

Objective 3.02 Objective 3.02 Understand the entrepreneurship and the entrepreneurial

process.

Page 2: EBT 3.02 Five Stages of the Entrepreneurial Process

EntrepreneurshipEntrepreneurship

• The process of The process of starting and starting and running one’s running one’s own businessown business

Page 3: EBT 3.02 Five Stages of the Entrepreneurial Process

EntrepreneurEntrepreneur

• An entrepreneur is an An entrepreneur is an individual individual who who undertakes the risk associated with undertakes the risk associated with creating, organizing, and owning a creating, organizing, and owning a businessbusiness

Page 4: EBT 3.02 Five Stages of the Entrepreneurial Process

Steps in the Entrepreneurial Steps in the Entrepreneurial ProcessProcess

1.1. DiscoveryDiscovery

2.2. Concept Concept DevelopmentDevelopment

3.3. ResourcingResourcing

4.4. ActualizationActualization

5.5. HarvestingHarvesting

Page 5: EBT 3.02 Five Stages of the Entrepreneurial Process

Steps in the Entrepreneurial Steps in the Entrepreneurial ProcessProcess

11. . DiscoveryDiscovery:: The stage in which the The stage in which the entrepreneur entrepreneur generates ideasgenerates ideas, , recognizes opportunitiesrecognizes opportunities, and , and studiesstudies the marketthe market

Innovation

Opportunity

Page 6: EBT 3.02 Five Stages of the Entrepreneurial Process

DiscoveryDiscovery

Consider your hobbies or skills

Consider consumer needs and wants

Conduct Surveys and questionnaires – test the

market Study demographics

Page 7: EBT 3.02 Five Stages of the Entrepreneurial Process

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.

Steps in the Entrepreneurial Steps in the Entrepreneurial ProcessProcess

2. 2. Concept DevelopmentConcept Development: : – Develop a Develop a business planbusiness plan:: a a

detailed proposal describing detailed proposal describing the business ideathe business idea

Executive summary

Code of ethics

Mission Statement

Page 8: EBT 3.02 Five Stages of the Entrepreneurial Process

Concept Development Concept Development

– Choose business Choose business locationlocation– Will a patent or trademark be required?Will a patent or trademark be required?

Page 9: EBT 3.02 Five Stages of the Entrepreneurial Process

Steps in the Entrepreneurial Steps in the Entrepreneurial ProcessProcess

3. 3. ResourcingResourcing:: The stage in which the The stage in which the entrepreneur identifies and acquires entrepreneur identifies and acquires the the financialfinancial, , humanhuman, and , and capitalcapital resources needed for the venture resources needed for the venture startup, etc startup, etc

Start-up resourcesStart-up resources

Page 10: EBT 3.02 Five Stages of the Entrepreneurial Process

ResourcingResourcing

Identify potential Identify potential investorsinvestors

Hire Hire employeesemployees

Apply for loans, Apply for loans, grants and grants and assistanceassistance

Page 11: EBT 3.02 Five Stages of the Entrepreneurial Process

Steps in the Entrepreneurial Steps in the Entrepreneurial ProcessProcess

4. 4. ActualizationActualization:: The stage in which The stage in which the entrepreneur operates the the entrepreneur operates the business and utilizes resources to business and utilizes resources to achieve its goals/objectives.achieve its goals/objectives.

$$ Grand Opening $$

Day-to-Day Operations

Page 12: EBT 3.02 Five Stages of the Entrepreneurial Process

Steps in the Entrepreneurial Steps in the Entrepreneurial ProcessProcess

5. 5. HarvestingHarvesting:: The stage in which the The stage in which the entrepreneur decides on venture’s entrepreneur decides on venture’s future future growthgrowth, , developmentdevelopment, or , or demisedemise

What is your 5-year or 10-year plan?

Consider adding locations or providing different products/services

Will you go public?

Page 13: EBT 3.02 Five Stages of the Entrepreneurial Process

Check for UnderstandingCheck for Understanding

Page 14: EBT 3.02 Five Stages of the Entrepreneurial Process

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?

A.A. ActualizationActualization

B.B. Concept Development Concept Development

C.C. DiscoveryDiscovery

D.D. Harvesting Harvesting

Page 15: EBT 3.02 Five Stages of the Entrepreneurial Process

You are currently seeking people and companies to invest in your business venture. What stage of the entrepreneurial process are you in?

A.A. ActualizationActualization

B.B. Concept Development Concept Development

C.C. DiscoveryDiscovery

D.D. Resourcing Resourcing

Page 16: EBT 3.02 Five Stages of the Entrepreneurial Process

What is an example of an activity for a businessperson who is entering the harvesting stage ofentrepreneurship?

A.A. Considering opening a second storeConsidering opening a second store

B.B. Gathering market research data about the Gathering market research data about the productproduct

C.C. Having a grand opening for the businessHaving a grand opening for the business

D.D. Seeking financial assistance from the Small Seeking financial assistance from the Small Business AdministrationBusiness Administration

Page 17: EBT 3.02 Five Stages of the Entrepreneurial Process

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?

A.A. ActualizationActualization

B.B. Concept Development Concept Development

C.C. DiscoveryDiscovery

D.D. Resourcing Resourcing

Page 18: EBT 3.02 Five Stages of the Entrepreneurial Process

Offering shares of stock to public investors and planning goals for the business during the nextfive years are examples of activities in which stage of the entrepreneurial process?

A.A. ActualizationActualization

B.B. Concept Development Concept Development

C.C. Harvesting Harvesting

D.D. Resourcing Resourcing

Page 19: EBT 3.02 Five Stages of the Entrepreneurial Process

Having a large grand opening sale or a summer clearance sale are examples of which stage of theentrepreneurial process?

A.A. ActualizationActualization

B.B. Concept Development Concept Development

C.C. Harvesting Harvesting

D.D. Resourcing Resourcing