Five Stages of the Entrepreneurial Process

Entrepreneurial Culture and the Entrepreneurial Process

Entrepreneur • An entrepreneur is an individual who undertakes the risk associated with creating, organizing, and owning a business. • Entrepreneurship is not an inborn skill, it is a product of the environment. It involves a complex of economic and social behaviour. To be successful, an entrepreneur has to remain dynamic and responsible to the whole environment. Entrepreneurship can hardly survive under any given circumstances. • It can flourish only under the right environment. It is a part of the total system. The social values, culture, government policies, political system, technology, economic conditions, customs, laws, etc. influence the growth of entrepreneurship.

ENTREPRENEURIAL CULTURE

• In fact, the entrepreneurship cannot be kept aloof from the changing social values, ideologies, new emerging aspirations, environmental pressures, religious beliefs, consumer wants and society needs etc. Business is a system made up of certain environmental factors which require the entrepreneur to adopt a dynamic attitude and a new strategy of their own. • Entrepreneurial culture implies a set of values, norms and traits that are conducive to the growth of entrepreneurship. • Cultural values deeply affect entrepreneurship and the level of economic development – Structural conditions make development possible – cultural factors determine whether the possibility becomes an actuality.

Steps in the Entrepreneurial Process 1. Discovery 2. Concept Development 3. Resourcing 4. Actualization 5. Harvesting

Steps in the Entrepreneurial Process 1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market Innovation Opportunity

Discovery

Consider your hobbies or skills

Conduct Surveys and questionnaires – test the market

Consider consumer needs and wants

Study demographics

Steps in the Entrepreneurial Process 2. Concept Development: – Develop a business plan: a detailed proposal describing the business idea

Code of ethics Executive summary

Mission Statement 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 lifelong learners who make positive contributions to our changing society.

Concept Development – Choose business location – Will a patent or trademark be required?

Steps in the Entrepreneurial Process 3. Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc

Start-up resources

Resourcing Apply for loans, grants and assistance

Identify potential investors

Hire employees

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

Steps in the Entrepreneurial Process 5. 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 Will you go public?