The

ENTREPRENEURIAL
PROCESS
The 5 steps of the entrepreneurial process

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#1 Discovery

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#1 Discovery
The stage at which the entrepreneur generates ideas,
recognizes opportunities, and studies the market.

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During the

Discovery Stage

The Entrepreneur will…

Consider their

Hobbies &
Skills https://www.flickr.com/photos/nick_moise/5755276989
Consider consumer

Needs &
Wants
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Research
the market

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 #2
Concept
Development

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

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During the

Concept
Development Stage

The Entrepreneur will…

Write a

Formal &
Detailed
plan for the business

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 #3
Resourcing

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 #3
Resourcing
When the entrepreneur acquires the needed financial, human, and
capital resources for the business to start.

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During the

Resourcing Stage

The Entrepreneur will…

Locate

Investors &
Revenue
resources

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Hire

Employees

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 #4
Actualization
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 #4
Actualization
When the entrepreneur has opened the business and is actively operating it.

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During the

Actualization Stage

The Entrepreneur will…

Open the business to

Customers &
Manage
day to day operations

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 #5
Harvesting

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 #5
Harvesting
When the entrepreneur is deciding on the business’ future
growth, development, or ending.

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During the

Harvesting Stage

The Entrepreneur will…

Consider

Location or
Product
expansion

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Consider possibly

Closing if needed

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