4 Entrepreneurship

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An entrepreneur is...

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A person who starts a business that satisfies consumer wants and needs

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Entrepreneurship is...?

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Starting and operating a business

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The entrepreneurial process is...?

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How an entrepreneur turns their idea into a business

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You have an idea for a new product or service that you believe will satisfy consumer wants and needs. It is your plan to start a business. You are an...

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Entrepreneur

Front

What are the five steps (in proper order) of the entrepreneurial process?

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Discover, concept development, resourcing, actualization, harvesting

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In which stage of the entrepreneurial process does the entrepreneur conduct research to determine if their idea could be a successful business? Options: Concept Development, Discovery, Resourcing, Actualization.

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Discovery

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In which stage of the entrepreneurial process would the entrepreneur begin writing a business plan? Options: Concept Development, Discovery, Resourcing, Actualization

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Concept Development

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In which stage of the entrepreneurial process would the entrepreneur begin applying for loans, buying capital goods, and seeking investors?

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Resourcing

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In which stage of the entrepreneurial process would the entrepreneur open the doors of their business for the first time?

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Actualization

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In which stage of the entrepreneurial process would the entrepreneur make decisions about the future of their business?

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Harvesting