1. The Entrepreneurial Process
Patterns of Entrepreneurship
Chapter 1

2. 2
The Entrepreneurial Process
• Identify an Opportunity
• Develop the Concept - Write the Business
Plan
• Determine the resources Required
• Acquire the Necessary Financing/Partners
• Implement and Manage
• Harvest the Venture - Exit Strategy

3. 3
The Entrepreneurial Process
Identify an Opportunity
Develop the Concept and
write the plan
Changing Demographics
Emergence of New Market
Process Needs
New Technologies
Regulatory Change
Social Change
New Product/Services
New Processes
Enter New Markets
New Organizational Structures/Forms
Use New Technologies
Use Sales or Distribution Channels
Start Writing the Plan

4. 4
The Entrepreneurial Process
Determine the Required
Resources
Acquire the Necessary
Financing/Partners
Need for:
Marketing and Sales Expertise
Technical Expertise
Financing Needs
Distribution Channels
Sources of Supply
Licenses, Patents, & Legal Protection
Complete the Business Plan
Debt Supplier Financing
Equity Joint Ventures
Outsourcing Partnerships
Leasing Barter

5. 5
The Entrepreneurial Process
Implement and Manage
Harvest the Venture
Implementation of Plan/Pilot Program
Monitor Performance
Payback to Resources Providers
Reinvestment
Expansion
Achievement of Performance Goals
Licensing of Rights
Sell or Merge
Go Public
Shut down Venture

6. 6
Why Become an Entrepreneur
• For many individuals, there is the perception of
independence and freedom from the politics and
restrictions of corporate America.
• Being able "to do one's own thing," and make
one's own decisions, and
• exert greater control is an attractive alternative to
the conformity--real or imagined

7. 7
The Entrepreneurial Mindset
• "A key aspect of establishing an
entrepreneurial mindset is creating the
conditions under which everyone involved
is energized to look for opportunities to
change the business model”-Professor Rita
McGrath

8. 8
Commonly Shared Entrepreneurial
Characteristics
1.They passionately seek new opportunities always
looking for the chance to profit from change and
disruption in the way business is done.
2.They pursue opportunities with enormous
discipline..
3.They pursue only the very best opportunities and
avoid exhausting themselves and their
organizations by chasing after every option.

9. 9
Commonly Shared Entrepreneurial
Characteristics
4. The focus is on execution—specifically, adaptive
execution.
5. The entrepreneur engages the energies of
everyone in the company. .

10. 10
The Entrepreneurial Process: Framework
for Evaluating an Opportunity
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