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Guide to Entrepreneurial Process: Steps to Success

This guide covers the key steps in entrepreneurship, including discovery, concept development, resourcing, actualization, and harvesting. Learn how to identify opportunities, develop a business plan, acquire resources, operate your business, and plan for future growth. Explore the essential elements of starting and running your own business effectively.

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Guide to Entrepreneurial Process: Steps to Success

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  1. 3.02 Entrepreneurship and the Entrepreneurial Process Objective 3.02 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 Consider consumer needs and wants 1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market 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 • Will a patent or trademark be 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 ? NYSE or NASDAQ

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