Understanding the Entrepreneurial Process

What is the first stage of the Entrepreneurial Process?

• Concept Development

• Discovery

• Resourcing

• Actualization

What is the purpose of market research in the Discovery stage?

• To create a business plan

• To determine the viability of the idea

• To secure funding

• To hire employees

Who is considered your target audience?

• Your competitors

• Your suppliers

• The people you hope will be your consumers

• Your employees

Which of the following is NOT a way to define your target market?

• Demographics

• Geographics

• Psychographics

• Financial status

Which of the following is an example of psychographics?

• Age

• Income

• Lifestyle

• Location

What does the Resourcing stage involve?

• Generating ideas

• Identifying and acquiring resources

• Operating the business

• Deciding on future growth

What is the focus of the Actualization stage?

• Generating ideas

• Securing funding

• Operating the business

• Conducting market research

What is the Harvesting stage about?

• Generating new ideas

• Developing a business concept

• Deciding on the venture's future

• Conducting a SWOT analysis

What is a SWOT Analysis used for?

• To create a marketing plan

• To assess strengths, weaknesses, opportunities, and threats

• To determine pricing strategies

• To hire employees

What does USP stand for in business?

• Unique Selling Proposition

• Universal Sales Plan

• Ultimate Service Package

• Unilateral Strategy Proposal