There are 5 steps in the Entrepreneurial Process.
1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting
1. Discovery:
The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market.
• An idea is a concept for a product or service that doesn’t exist or is not currently available in a market niche. It may be a brand-new concept or an improvement of a current product or service.
• In contrast, an opportunity is an idea for a new product or service with a market that is willing to pay for that product or service so that it can form the basis of a profitable business.
• Innovation is the process of making changes to something that adds value to customers.
2. Concept Development:
• Develop a business plan: a detailed proposal describing the business idea
• Choose business location
• Will a patent or trademark be required?
A TRADEMARK is a word, phrase, symbol or design, or a combination of words, phrases, symbols or designs, that identifies and distinguishes the source of the goods of one party from those of others.
A COPYRIGHT protects works of authorship, such as writings, music, and works of art that have been tangibly expressed.
A PATENT for an invention is the grant of a property right to the inventor, issued by the Patent and Trademark Office.
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
• Apply for loans, grants and assistance
• Hire employees
4. Actualization:
The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives.
5. Harvesting:
The stage in which the entrepreneur decides on business’s future growth, development, or demise.
