3.

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

The process of
The process of
starting and
starting and
running ones
running ones
on business
on business

Entrepreneur
Entrepreneur

!n entrepreneur is an
!n entrepreneur is an
individual
individual
ho
ho
underta"es the ris" associated ith
underta"es the ris" associated ith
creating# organi$ing# and oning a
creating# organi$ing# and oning a
business
business

Steps in the Entrepreneurial
Steps in the Entrepreneurial
Process
Process
1.
1.
Discovery
Discovery
2.
2.
Concept
Concept
Development
Development
3.
3.
Resourcing
Resourcing
4.
4.
Actualiation
Actualiation
!.
!.
"arvesting
"arvesting
Steps in the Entrepreneurial
Steps in the Entrepreneurial
Process
Process
1
1
.
.
Discovery
Discovery
%
%
The stage in hich the
The stage in hich the
entrepreneur
entrepreneur
generates ideas
generates ideas
#
#
recogni$es opportunities
recogni$es opportunities
# and
# and
studies
studies

the &ar"et
the &ar"et
#nnovation
$pportunity
Discovery
Discovery
Consider your
ho%%ies or s&ills
Consider consumer
needs and 'ants
Conduct Surveys and
(uestionnaires ) test the
mar&et
Study demographics
'e thrive in an environ&ent of acade&ic e(cellence here students are prepared to &eet
and e(ceed their future challenges. 'e recogni$e each student)s orth and develop life*
long learners ho &a"e positive contributions to our changing societ+.
Steps in the Entrepreneurial
Steps in the Entrepreneurial
Process
Process
2.
2.
Concept Development
Concept Development
%
%
,
-evelop a
-evelop a
%usiness plan
%usiness plan
*
*
a
a
detailed proposal describing
detailed proposal describing
the business idea
the business idea
E+ecutive summary
Code o, ethics
-ission Statement
Concept Development
Concept Development
,
.hoose business
.hoose business
location
location
,
'ill a patent or trade&ar" be re/uired0
'ill a patent or trade&ar" be re/uired0
Steps in the Entrepreneurial
Steps in the Entrepreneurial
Process
Process
3.
3.
Resourcing
Resourcing
*
*
The stage in hich the
The stage in hich the
entrepreneur identifies and ac/uires
entrepreneur identifies and ac/uires
the
the
financial
financial
#
#
hu&an
hu&an
# and
# and
capital
capital

resources needed for the venture
resources needed for the venture
startup# etc
startup# etc
Start.up resources
Start.up resources
Resourcing
Resourcing
#denti,y potential
#denti,y potential
investors
investors
"ire
"ire
employees
employees
Apply ,or loans/
Apply ,or loans/
grants and
grants and
assistance
assistance
Steps in the Entrepreneurial
Steps in the Entrepreneurial
Process
Process
4.
4.
Actualiation
Actualiation
*
*
The stage in hich
The stage in hich
the entrepreneur operates the
the entrepreneur operates the
business and utili$es resources to
business and utili$es resources to
achieve its goals1objectives.
achieve its goals1objectives.

00 1rand $pening 00
Day.to.Day $perations
Steps in the Entrepreneurial
Steps in the Entrepreneurial
Process
Process
!.
!.
"arvesting
"arvesting
*
*
The stage in hich the
The stage in hich the
entrepreneur decides on ventures
entrepreneur decides on ventures
future
future
groth
groth
#
#
develop&ent
develop&ent
# or
# or
de&ise
de&ise

2hat is your !.year or 13.year plan4
Consider adding locations or providing di,,erent
products5services
2ill you go pu%lic4
Chec& ,or 6nderstanding
Chec& ,or 6nderstanding
2ou are collecting# revieing# and interpreting
surve+s +ou distributed last ee" about +our ne
business idea. 'hat stage of the entrepreneurial
process are +ou in0
!.
!.
!ctuali$ation
!ctuali$ation
3.
3.
.oncept -evelop&ent
.oncept -evelop&ent
..
..
-iscover+
-iscover+
-.
-.
4arvesting
4arvesting
2ou are currentl+ see"ing people and co&panies
to invest in +our business venture. 'hat stage of
the entrepreneurial process are +ou in0
!.
!.
!ctuali$ation
!ctuali$ation
3.
3.
.oncept -evelop&ent
.oncept -evelop&ent
..
..
-iscover+
-iscover+
-.
-.
5esourcing
5esourcing
'hat is an e(a&ple of an activit+ for a business
person ho is entering the harvesting stage of
entrepreneurship0
!.
!.
.onsidering opening a second store
.onsidering opening a second store
3.
3.
6athering &ar"et research data about the
6athering &ar"et research data about the
product
product
..
..
4aving a grand opening for the business
4aving a grand opening for the business
-.
-.
7ee"ing financial assistance fro& the 7&all
7ee"ing financial assistance fro& the 7&all
3usiness !d&inistration
3usiness !d&inistration
Preparing a business plan for a ne business#
renting a building for the ne store# and
cop+righting the ebsite for the ne business are
all classified as hich stage of the entrepreneurial
process0
!.
!.
!ctuali$ation
!ctuali$ation
3.
3.
.oncept -evelop&ent
.oncept -evelop&ent
..
..
-iscover+
-iscover+
-.
-.
5esourcing
5esourcing
Offering shares of stoc" to public investors and
planning goals for the business during the ne(t
five +ears are e(a&ples of activities in hich stage
of the entrepreneurial process0
!.
!.
!ctuali$ation
!ctuali$ation
3.
3.
.oncept -evelop&ent
.oncept -evelop&ent
..
..
4arvesting
4arvesting
-.
-.
5esourcing
5esourcing
4aving a large grand opening sale or a su&&er
clearance sale are e(a&ples of hich stage of the
entrepreneurial process0
!.
!.
!ctuali$ation
!ctuali$ation
3.
3.
.oncept -evelop&ent
.oncept -evelop&ent
..
..
4arvesting
4arvesting
-.
-.
5esourcing
5esourcing