The Entrepreneurial Process

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					The Entrepreneurial Process




    Patterns of Entrepreneurship
              Chapter 1
     The Entrepreneurial Process


• Identify an Opportunity
• Develop the Concept - Write the Business
  Plan
• Determine the resources Required
• Acquire the Necessary Financing/Partners
• Implement and Manage
• Harvest the Venture - Exit Strategy
                                             2
       The Entrepreneurial Process

                          Changing Demographics
Identify an Opportunity   Emergence of New Market
                          Process Needs
                          New Technologies
                          Regulatory Change
                          Social Change


                          New Product/Services
Develop the Concept and   New Processes
      write the plan      Enter New Markets
                          New Organizational Structures/Forms
                          Use New Technologies
                          Use Sales or Distribution Channels
                          Start Writing the Plan             3
       The Entrepreneurial Process
                         Need for:
Determine the Required   Marketing and Sales Expertise
      Resources          Technical Expertise
                         Financing Needs
                         Distribution Channels
                         Sources of Supply
                         Licenses, Patents, & Legal Protection
                         Complete the Business Plan

Acquire the Necessary    Debt             Supplier Financing
 Financing/Partners      Equity           Joint Ventures
                         Outsourcing      Partnerships
                         Leasing          Barter

                                                             4
      The Entrepreneurial Process

                       Implementation of Plan/Pilot Program
Implement and Manage   Monitor Performance
                       Payback to Resources Providers
                       Reinvestment
                       Expansion
                       Achievement of Performance Goals

                       Licensing of Rights
 Harvest the Venture
                       Sell or Merge
                       Go Public
                       Shut down Venture



                                                     5
      Why Become an Entrepreneur


•  For many individuals, there is the perception of
  independence and freedom from the politics and
  restrictions of corporate America.
• Being able "to do one's own thing," and make
  one's own decisions, and
• exert greater control is an attractive alternative to
  the conformity--real or imagined

                                                          6
     The Entrepreneurial Mindset


• "A key aspect of establishing an
  entrepreneurial mindset is creating the
  conditions under which everyone involved
  is energized to look for opportunities to
  change the business model”-Professor Rita
  McGrath

                                              7
  Commonly Shared Entrepreneurial
         Characteristics

1.They passionately seek new opportunities always
  looking for the chance to profit from change and
  disruption in the way business is done.
2.They pursue opportunities with enormous
  discipline..
3.They pursue only the very best opportunities and
  avoid     exhausting    themselves      and  their
  organizations by chasing after every option.

                                                   8
    Commonly Shared Entrepreneurial
           Characteristics
4. The focus is on execution—specifically, adaptive
  execution.

5. The entrepreneur engages the energies of
 everyone in the company.                 .



                                              9
     The Entrepreneurial Process: Framework
          for Evaluating an Opportunity
Name of Project:   __________________________________________________

Student Names:     ________________       Telephone:    ______________
                   ________________                     ______________
                   ________________                     ______________
                   ________________                     ______________
                   ________________                     ______________

Brief Description of Project: _________________________________________
____________________________________________________________________
____________________________________________________________________
____________________________________________________________________




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posted:2/8/2013
language:English
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