The Entrepreneurial Process 11/28

Unit 2 Vocabulary

Explore key terms in Entrepreneurship

The Entrepreneurial Process

The series of steps followed by entrepreneurs to identify, evaluate, and exploit
opportunities to start and grow a business

Procedures and Requirements for Starting a Business

The necessary steps, paperwork,
and regulations that must be
followed to legally establish and
operate a business

Discovery

The process of identifying and
recognizing a business
opportunity through observation,
research, and analysis

Demographics

​Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education and income.

Concept Development

The process of refining and
shaping a business idea into a
viable and attractive concept that
can be implemented

Resourcing

The process of acquiring and
allocating the necessary
resources, such as funding,
materials, and personnel, to start
and operate a business

Venture

A new business or project,
typically involving a certain level
of risk and uncertainty

Actualization

The process of turning a business idea into a tangible reality by setting up and
operating the business

Harvesting

The process of exiting or selling a
business, typically to reap the
rewards of the investment and
effort put into building the
business