The Entrepreneurial Process

Ideas only do not bring food on the table, ideas must be converted to a product/service to meet unsatisfied human need. In this lesson we will explore what it takes to recognize a business opportunity and develop an idea into a business concept.

TOPIC1: THE ENTREPRENEURIAL PROCESS

1. SELF DISCOVERY

Learning what you are doing; examining your strengths and weaknesses. Examining work experience and relating it to potential opportunities.

2. IDENTIFYING OPPORTUNITIES

Looking for needs, wants, problems and challenges that are not yet being met or dealt with effectively

3. GENERATING AND EVALUATING IDEAS

Using creativity and past experience to devise new and innovative ways to solve a problem, or meet a need and then narrowing the field to one best idea.

4. DEVELOPING A BUSINESS PLAN

Researching and identifying resources needed to turn the idea into a viable venture. Preparing the research in the form of a written business plan. Preparing marketing strategies.

5. RAISING START‐UP CAPITAL

Using the business plan to attract investors and venture capitalists partner. This stage can involve producing prototypes or test marketing services

6. START‐UP

Launching the venture, developing a customer base and adjusting marketing and operational plans as required

7. HARVEST:

Selling the business and harvesting the rewards. For many entrepreneurs, this also means moving on to new ventures and new challenges.

8. GROWTH

Growing the business: developing and following strategic plans, adapting to new circumstances