8th Exploring Business Technologies BU20

1. ENTREPRENEURIAL
PROCESS
The
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The 5 steps of the entrepreneurial process

2. Discovery#1
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3. Discovery#1
The stage at which the entrepreneur generates ideas,
recognizes opportunities, and studies the market.
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4. Discovery
During the
Stage
The Entrepreneur will…

5. Hobbies &
Consider their
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Skills

6. Needs &
Consider consumer
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Wants

7. Research
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the market

8. Concept
#2
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Development

9. Concept
#2
When the entrepreneur develops a business plan, chooses a business location, and
determines if a patent/trademark is needed
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Development

10. Concept
During the
Development
The Entrepreneur will…
Stage

11. Formal &
Write a
Detailedplan for the business
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12. Resourcing
#3
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13. Resourcing
#3
When the entrepreneur acquires the needed financial, human, and
capital resources for the business to start.
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14. Resourcing
During the
The Entrepreneur will…
Stage

15. Investors &
Locate
Revenueresources
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16. Employees
Hire
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17. Actualization
#4
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18. Actualization
#4
When the entrepreneur has opened the business and is actively operating it.
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19. Actualization
During the
The Entrepreneur will…
Stage

20. Customers &
Open the business to
Manageday to day operations
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21. Harvesting
#5
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22. Harvesting
#5
When the entrepreneur is deciding on the business’ future
growth, development, or ending.
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23. Harvesting
During the
The Entrepreneur will…
Stage

24. Location or
Consider
Productexpansion
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25. Closing
Consider possibly
if needed
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