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  • Entrepreneurial Start-Up Process

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    Abdimalik dahir
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    The document outlines the 5 key stages of the entrepreneurial process: 1) Discovery, where entrepreneurs generate ideas and recognize opportunities by studying markets and consumer needs. 2) Concept development, which involves creating a business plan and choosing a location. 3) Resourcing, where financial resources, human capital, and other needs are identified and acquired. 4) Actualization, when the business begins operating utilizing resources to achieve goals. 5) Harvesting, where the entrepreneur decides the future direction of the business in terms of growth, new offerings, or closing down.

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    Labour economics theories

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    Entrepreneurial start-up process

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    The document outlines the 5 key stages of the entrepreneurial process: 1) Discovery, where entrepreneurs generate ideas and recognize opportunities by studying markets and consumer needs. 2) Concept development, which involves creating a business plan and choosing a location. 3) Resourcing, where financial resources, human capital, and other needs are identified and acquired. 4) Actualization, when the business begins operating utilizing resources to achieve goals. 5) Harvesting, where the entrepreneur decides the future direction of the business in terms of growth, new offerings, or closing down.

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    14 views12 pages

    Entrepreneurial Start-Up Process

    Uploaded by

    Abdimalik dahir
    The document outlines the 5 key stages of the entrepreneurial process: 1) Discovery, where entrepreneurs generate ideas and recognize opportunities by studying markets and consumer needs. 2) Concept development, which involves creating a business plan and choosing a location. 3) Resourcing, where financial resources, human capital, and other needs are identified and acquired. 4) Actualization, when the business begins operating utilizing resources to achieve goals. 5) Harvesting, where the entrepreneur decides the future direction of the business in terms of growth, new offerings, or closing down.

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    of 12

    ENTREPRENEURIAL PROCESS

    STEPS IN THE ENTREPRENEURIAL


    PROCESS

     Discovery
     Concept development
     Resourcing
     Actualization
     harvesting
    DISCOVERY
    The stage in which the entrepreneur
     generates ideas,
     recognizes opportunities, and
     studies the market
    CONSIDER

     Consumer needs and wants


     Consider your skills
     Conduct surveys
     Study the demographics
    CONCEPT DEVELOPMENT

     Develop a business plan

     Choose business location

     Will a patent or trademark be required


    RESOURCING

     The stage in which the entrepreneur identifies and


    acquires the financial, human, and capital resources
    needed for the venture startup, etc
    ACTIVITIES

     Apply for loans, grants and assistance


     Identify potential investors
     Hire employees
    ACTUALIZATION

     The stage in which the entrepreneur operates the

    business and utilizes resources to achieve its

    goals/objectives.
    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
    END

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