SlideShare una empresa de Scribd logo
1 de 21
Descargar para leer sin conexión
Steps in the Entrepreneurial Process
1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting
Steps in the Entrepreneurial Process
1. Discovery: The stage in which the
entrepreneur generates ideas,
recognizes opportunities, and studies
the market
Idea
OpportunityInnovation
What is An Idea, Opportunity and Innovation?
2-3
An idea is a concept for a product or service that doesnít
exist or is not currently available in a market niche. It
may be a brand-new concept or an improvement of a
current product or service.
In contrast, an opportunity is an idea for a new product or
service with a market that is willing to pay for that
product or service so that it can form the basis of a
profitable business.
Innovation is the process of making changes to something
that adds value to customers.
What is an Opportunity?
2-4
An opportunity has four essential qualities
Three Ways to Identify an Opportunity
2-5
Jeans/Electric cars Electric carsEnergy problem
Discovery
Consider your
hobbies or skills
Consider consumer
needs and wants
Conduct Surveys and
questionnaires – test the
market
Study
demographics/
Market research
Steps in the Entrepreneurial Process
2. Concept Development:
 Develop a business plan: a detailed
proposal describing the business
idea
Executive summary
Objective
Mission Statement
Chapter 2 Steps in entrepreneurial process(entrepreneurship)
Concept Development
 Choose business location
 Will a patent or trademark be required?
Chapter 2 Steps in entrepreneurial process(entrepreneurship)
Steps in the Entrepreneurial Process
3. Resourcing: The stage in which the
entrepreneur identifies and acquires
the financial, human, and capital
resources needed for the venture
startup, etc
Start-up resourcesStart-up resources
Resourcing
Identify potentialIdentify potential
investorsinvestors
HireHire
employeesemployees
Apply for loans,Apply for loans,
grants andgrants and
assistanceassistance
Steps in the Entrepreneurial
Process
4. Actualization: The stage in which
the entrepreneur operates the
business and utilizes resources to
achieve its goals/objectives.
$$ Grand Opening $$
Day-to-Day Operations
Steps in the Entrepreneurial
Process
5. Harvesting: The stage in which the
entrepreneur decides on business’s
future growth/ development, or
demise
What is your 5-year or 10-year plan?
Consider adding locations or providing different
products/services
Will you go public?
WAGE EMPLOYMENT ENTREPRENEURSHIP
1.Work for Others 1.Own Boss
2.Follow Instructions 2.Make own plans
3.Routine Job 3.Creative activity
4.Earning is fixed, never
negative
4.Can be negative sometimes,
generally surplus
5.Does not create wealth 5.Creates Wealth, contributes
toGDP
6.Can choose from-
Public Sector,
Private Sector
6.Can choose from-
Industry
Service Enterprise
Differences between entrepreneurship and wage
employment career options
Invention VS Innovation
Invention can be defined as the creation of a
product or introduction of a process for the first
time.
Innovation on the other hand, occurs if someone
improves on or makes a significant contribution
to an existing products, process or service.
Type Description Examples
Invention Totally new product, service,
or process
Wright brothers—airplane
Thomas Edison—light bulb
Alexander Graham Bell—telephone
Extension New use or different
application of an already
existing product, service,
or process
development from the mainframe
computer to the desktop, then laptop
and more recently the notebook
computer.
Duplication Creative replication of an
existing concept
the adaptation of the franchise from
fast food industry to the education
industry.
Synthesis Combination of existing
concepts and factors into a
new formulation or use
The fax machine, the combination of
existing technologies has given rise to
a new product technique (telephone +
photocopier = fax)
Types of Innovation
Source Examples
Unexpected occurrences Unexpected success: Apple Computer (microcomputers)
Unexpected tragedy: 9-11 terrorist attack
Incongruities Music+ Mobile, Camera+ Mobile
Process needs Online business, OLX
Fiber optics
Softwares
Industry and market
changes
Health care industry, Energy conservatives products,
Environment friendly products
Demographic changes Old houses, Fair & Lovely for men
Perceptual changes Exercise and the growing concern for fitness, overweight
was a risk factor
Knowledge-based concepts Mobile technology; pharmaceutical industry
The Dark Side of Entrepreneurship
The Entrepreneur’s Confrontation with Risk
Financial risk versus profit (return) motive varies in
entrepreneurs’ desire for wealth.
Career risk—loss of employment security
Family and social risk—competing commitments of
work and family
Psychic risk—psychological impact of failure on the
well-being of entrepreneurs
Stress and the Entrepreneur
Entrepreneurial Stress
The extent to which entrepreneurs’ work demands and
expectations exceed their abilities to perform as venture
initiators, they are likely to experience stress.
Causes of Entrepreneurial Stress
Loneliness
Engagement /Immersion in business
People problems
Need to achieve
Dealing with Stress
Networking
Getting away from it all
Communicating with employees
Finding satisfaction outside the company
Delegating
Exercising Rigorously

Más contenido relacionado

La actualidad más candente

Entrepreneurship Lesson 1 Introduction to Entrepreneurship Pinoy Style
Entrepreneurship Lesson 1  Introduction to Entrepreneurship Pinoy StyleEntrepreneurship Lesson 1  Introduction to Entrepreneurship Pinoy Style
Entrepreneurship Lesson 1 Introduction to Entrepreneurship Pinoy StyleWilfred Dexter Tanedo
 
Concept of entrepreneurship (1)
Concept of entrepreneurship (1)Concept of entrepreneurship (1)
Concept of entrepreneurship (1)Ankita Sood
 
Entrepreneurship management
Entrepreneurship managementEntrepreneurship management
Entrepreneurship managementbasitnazir
 
Chapter 2 entrepreneurship (lecture 2)
Chapter 2 entrepreneurship (lecture 2)Chapter 2 entrepreneurship (lecture 2)
Chapter 2 entrepreneurship (lecture 2)Afzaal Ali
 
Introduction to entrepreneurship
Introduction to entrepreneurshipIntroduction to entrepreneurship
Introduction to entrepreneurshipOlwenda
 
The Business Plan, Creating & Starting the Venture
The Business Plan, Creating & Starting the VentureThe Business Plan, Creating & Starting the Venture
The Business Plan, Creating & Starting the VentureMuhammad Ali
 
Chapter 4 writing a business plan(entrepreneurship)
Chapter 4 writing a business plan(entrepreneurship)Chapter 4 writing a business plan(entrepreneurship)
Chapter 4 writing a business plan(entrepreneurship)Afzaal Ali
 
creativity and innovation in entrepreneurship
creativity and innovation in entrepreneurshipcreativity and innovation in entrepreneurship
creativity and innovation in entrepreneurshipshrinivas kulkarni
 
Entrepreneurship
EntrepreneurshipEntrepreneurship
Entrepreneurshipdeepu2000
 
Entrepreneurship Chap 4
Entrepreneurship Chap 4Entrepreneurship Chap 4
Entrepreneurship Chap 4Umair Arain
 
Entrepreneurship (Introduction to Entrepreneurship)
Entrepreneurship (Introduction to Entrepreneurship)Entrepreneurship (Introduction to Entrepreneurship)
Entrepreneurship (Introduction to Entrepreneurship)Reshma Ramesh
 
Ethics, Roles, and Responsibilities of Entrepreneur (PPT)
Ethics, Roles, and Responsibilities of Entrepreneur (PPT)Ethics, Roles, and Responsibilities of Entrepreneur (PPT)
Ethics, Roles, and Responsibilities of Entrepreneur (PPT)Niña Mae Sabillo
 
Elements Of A Business Plan
Elements Of A Business PlanElements Of A Business Plan
Elements Of A Business PlanSunil Kumar
 
Entrepreneurial Venture and Its Components
Entrepreneurial Venture and Its ComponentsEntrepreneurial Venture and Its Components
Entrepreneurial Venture and Its ComponentsOfunre Iriobe
 

La actualidad más candente (20)

Entrepreneurship Lesson 1 Introduction to Entrepreneurship Pinoy Style
Entrepreneurship Lesson 1  Introduction to Entrepreneurship Pinoy StyleEntrepreneurship Lesson 1  Introduction to Entrepreneurship Pinoy Style
Entrepreneurship Lesson 1 Introduction to Entrepreneurship Pinoy Style
 
Entrepreneurial Competencies
Entrepreneurial CompetenciesEntrepreneurial Competencies
Entrepreneurial Competencies
 
Concept of entrepreneurship (1)
Concept of entrepreneurship (1)Concept of entrepreneurship (1)
Concept of entrepreneurship (1)
 
Entrepreneurship management
Entrepreneurship managementEntrepreneurship management
Entrepreneurship management
 
Chapter 2 entrepreneurship (lecture 2)
Chapter 2 entrepreneurship (lecture 2)Chapter 2 entrepreneurship (lecture 2)
Chapter 2 entrepreneurship (lecture 2)
 
Introduction to entrepreneurship
Introduction to entrepreneurshipIntroduction to entrepreneurship
Introduction to entrepreneurship
 
The Business Plan, Creating & Starting the Venture
The Business Plan, Creating & Starting the VentureThe Business Plan, Creating & Starting the Venture
The Business Plan, Creating & Starting the Venture
 
Business plan
Business planBusiness plan
Business plan
 
Introduction to entrepreneurship
Introduction to entrepreneurshipIntroduction to entrepreneurship
Introduction to entrepreneurship
 
Chapter 4 writing a business plan(entrepreneurship)
Chapter 4 writing a business plan(entrepreneurship)Chapter 4 writing a business plan(entrepreneurship)
Chapter 4 writing a business plan(entrepreneurship)
 
creativity and innovation in entrepreneurship
creativity and innovation in entrepreneurshipcreativity and innovation in entrepreneurship
creativity and innovation in entrepreneurship
 
Entrepreneurship
EntrepreneurshipEntrepreneurship
Entrepreneurship
 
Entrepreneurship
EntrepreneurshipEntrepreneurship
Entrepreneurship
 
Entrepreneurship
EntrepreneurshipEntrepreneurship
Entrepreneurship
 
Entrepreneurship Chap 4
Entrepreneurship Chap 4Entrepreneurship Chap 4
Entrepreneurship Chap 4
 
Business planning process
Business planning processBusiness planning process
Business planning process
 
Entrepreneurship (Introduction to Entrepreneurship)
Entrepreneurship (Introduction to Entrepreneurship)Entrepreneurship (Introduction to Entrepreneurship)
Entrepreneurship (Introduction to Entrepreneurship)
 
Ethics, Roles, and Responsibilities of Entrepreneur (PPT)
Ethics, Roles, and Responsibilities of Entrepreneur (PPT)Ethics, Roles, and Responsibilities of Entrepreneur (PPT)
Ethics, Roles, and Responsibilities of Entrepreneur (PPT)
 
Elements Of A Business Plan
Elements Of A Business PlanElements Of A Business Plan
Elements Of A Business Plan
 
Entrepreneurial Venture and Its Components
Entrepreneurial Venture and Its ComponentsEntrepreneurial Venture and Its Components
Entrepreneurial Venture and Its Components
 

Destacado

The entrepreneurial process
The entrepreneurial processThe entrepreneurial process
The entrepreneurial processZulkefle Idris
 
Entrepreneurial Process
Entrepreneurial ProcessEntrepreneurial Process
Entrepreneurial Processashok kumar
 
The entrepreneur
The entrepreneurThe entrepreneur
The entrepreneurEmad Saif
 
Business idea (Entrepreneur idea)
Business idea (Entrepreneur idea)Business idea (Entrepreneur idea)
Business idea (Entrepreneur idea)Imran Iftikhar
 
OnLine Restaurant Business plan for an entrepreneur
OnLine Restaurant Business plan for an entrepreneurOnLine Restaurant Business plan for an entrepreneur
OnLine Restaurant Business plan for an entrepreneurniranjan nahak
 
entrepreneurship, innovation, creativity
entrepreneurship, innovation, creativityentrepreneurship, innovation, creativity
entrepreneurship, innovation, creativityMonika Maciuliene
 
Innovation and Entrepreneurship
Innovation and EntrepreneurshipInnovation and Entrepreneurship
Innovation and EntrepreneurshipAlar Kolk
 
Introduction of entrepreneurship
Introduction of entrepreneurshipIntroduction of entrepreneurship
Introduction of entrepreneurshipRoslinaAhmad
 
Business plan - Entrepreneurship Project - Shivam Jaiswal
Business plan - Entrepreneurship Project - Shivam JaiswalBusiness plan - Entrepreneurship Project - Shivam Jaiswal
Business plan - Entrepreneurship Project - Shivam JaiswalShivam Jaiswal
 
Innovation And Entrepreneurship
Innovation And EntrepreneurshipInnovation And Entrepreneurship
Innovation And EntrepreneurshipAndre Kearns
 
Innovation and entrepreneurship
Innovation and entrepreneurshipInnovation and entrepreneurship
Innovation and entrepreneurshipdaryl10
 
Entrepreneurship And Innovation
Entrepreneurship And InnovationEntrepreneurship And Innovation
Entrepreneurship And InnovationNajmus-Saquib Khan
 
Business plan coffee shop
Business plan coffee shopBusiness plan coffee shop
Business plan coffee shopAmol Kadu
 
coffee shop market ppt
coffee shop market pptcoffee shop market ppt
coffee shop market pptmarket1234
 
Entrepreneurship powerpoint slide
Entrepreneurship powerpoint slideEntrepreneurship powerpoint slide
Entrepreneurship powerpoint slideMahlatsi Lerato
 

Destacado (18)

The entrepreneurial process
The entrepreneurial processThe entrepreneurial process
The entrepreneurial process
 
The entrepreneurial process
The entrepreneurial processThe entrepreneurial process
The entrepreneurial process
 
Entrepreneurial Process
Entrepreneurial ProcessEntrepreneurial Process
Entrepreneurial Process
 
Entrepreneurial process
Entrepreneurial processEntrepreneurial process
Entrepreneurial process
 
The entrepreneur
The entrepreneurThe entrepreneur
The entrepreneur
 
Business idea (Entrepreneur idea)
Business idea (Entrepreneur idea)Business idea (Entrepreneur idea)
Business idea (Entrepreneur idea)
 
OnLine Restaurant Business plan for an entrepreneur
OnLine Restaurant Business plan for an entrepreneurOnLine Restaurant Business plan for an entrepreneur
OnLine Restaurant Business plan for an entrepreneur
 
entrepreneurship, innovation, creativity
entrepreneurship, innovation, creativityentrepreneurship, innovation, creativity
entrepreneurship, innovation, creativity
 
ppt on Entrepreneur
ppt on Entrepreneur ppt on Entrepreneur
ppt on Entrepreneur
 
Innovation and Entrepreneurship
Innovation and EntrepreneurshipInnovation and Entrepreneurship
Innovation and Entrepreneurship
 
Introduction of entrepreneurship
Introduction of entrepreneurshipIntroduction of entrepreneurship
Introduction of entrepreneurship
 
Business plan - Entrepreneurship Project - Shivam Jaiswal
Business plan - Entrepreneurship Project - Shivam JaiswalBusiness plan - Entrepreneurship Project - Shivam Jaiswal
Business plan - Entrepreneurship Project - Shivam Jaiswal
 
Innovation And Entrepreneurship
Innovation And EntrepreneurshipInnovation And Entrepreneurship
Innovation And Entrepreneurship
 
Innovation and entrepreneurship
Innovation and entrepreneurshipInnovation and entrepreneurship
Innovation and entrepreneurship
 
Entrepreneurship And Innovation
Entrepreneurship And InnovationEntrepreneurship And Innovation
Entrepreneurship And Innovation
 
Business plan coffee shop
Business plan coffee shopBusiness plan coffee shop
Business plan coffee shop
 
coffee shop market ppt
coffee shop market pptcoffee shop market ppt
coffee shop market ppt
 
Entrepreneurship powerpoint slide
Entrepreneurship powerpoint slideEntrepreneurship powerpoint slide
Entrepreneurship powerpoint slide
 

Similar a Chapter 2 Steps in entrepreneurial process(entrepreneurship)

ENTREPRENEURSHIP-AND-INNOVATION.pptx
ENTREPRENEURSHIP-AND-INNOVATION.pptxENTREPRENEURSHIP-AND-INNOVATION.pptx
ENTREPRENEURSHIP-AND-INNOVATION.pptxJomDelaCruz4
 
2-Opportunity Identification And Trend Identificatio; Factors affecting entre...
2-Opportunity Identification And Trend Identificatio; Factors affecting entre...2-Opportunity Identification And Trend Identificatio; Factors affecting entre...
2-Opportunity Identification And Trend Identificatio; Factors affecting entre...BinitKumar67
 
Esbd unit ii 1
Esbd unit ii 1Esbd unit ii 1
Esbd unit ii 1PENDYSINGH
 
KASIM,SHADAN J. LONG QUIZ BSCE 2D.docx
KASIM,SHADAN J. LONG QUIZ BSCE 2D.docxKASIM,SHADAN J. LONG QUIZ BSCE 2D.docx
KASIM,SHADAN J. LONG QUIZ BSCE 2D.docxagueroagniskhun1
 
EntrepreneurshipTopic 1The development of entreprene.docx
EntrepreneurshipTopic 1The development of entreprene.docxEntrepreneurshipTopic 1The development of entreprene.docx
EntrepreneurshipTopic 1The development of entreprene.docxkhanpaulita
 
2_Opportunit_Seeking_Screening_and-Seizing.pptx
2_Opportunit_Seeking_Screening_and-Seizing.pptx2_Opportunit_Seeking_Screening_and-Seizing.pptx
2_Opportunit_Seeking_Screening_and-Seizing.pptxsanaminatozaki42
 
small business & epreneurship development U2.pdf
small business & epreneurship development  U2.pdfsmall business & epreneurship development  U2.pdf
small business & epreneurship development U2.pdfkittustudy7
 
CHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCo
CHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCoCHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCo
CHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCoJinElias52
 
4. challenges encountered by entrepreneurs in provision of pharmaceutical se...
4.  challenges encountered by entrepreneurs in provision of pharmaceutical se...4.  challenges encountered by entrepreneurs in provision of pharmaceutical se...
4. challenges encountered by entrepreneurs in provision of pharmaceutical se...abcde123321
 
Unit 2-business-planning-process
Unit 2-business-planning-processUnit 2-business-planning-process
Unit 2-business-planning-processDeepesh Raj
 
Business Plan idea about entrepreneurship.pptx
Business Plan idea about entrepreneurship.pptxBusiness Plan idea about entrepreneurship.pptx
Business Plan idea about entrepreneurship.pptxabubakrrasheed939
 
Do you want to go into business?
Do you want to go into business?Do you want to go into business?
Do you want to go into business?Kirk Go
 

Similar a Chapter 2 Steps in entrepreneurial process(entrepreneurship) (20)

ENTREPRENEURSHIP-AND-INNOVATION.pptx
ENTREPRENEURSHIP-AND-INNOVATION.pptxENTREPRENEURSHIP-AND-INNOVATION.pptx
ENTREPRENEURSHIP-AND-INNOVATION.pptx
 
2-Opportunity Identification And Trend Identificatio; Factors affecting entre...
2-Opportunity Identification And Trend Identificatio; Factors affecting entre...2-Opportunity Identification And Trend Identificatio; Factors affecting entre...
2-Opportunity Identification And Trend Identificatio; Factors affecting entre...
 
Hospitality
HospitalityHospitality
Hospitality
 
Esbd unit ii 1
Esbd unit ii 1Esbd unit ii 1
Esbd unit ii 1
 
teachers.ppt
teachers.pptteachers.ppt
teachers.ppt
 
Business presentation
Business presentationBusiness presentation
Business presentation
 
KASIM,SHADAN J. LONG QUIZ BSCE 2D.docx
KASIM,SHADAN J. LONG QUIZ BSCE 2D.docxKASIM,SHADAN J. LONG QUIZ BSCE 2D.docx
KASIM,SHADAN J. LONG QUIZ BSCE 2D.docx
 
EntrepreneurshipTopic 1The development of entreprene.docx
EntrepreneurshipTopic 1The development of entreprene.docxEntrepreneurshipTopic 1The development of entreprene.docx
EntrepreneurshipTopic 1The development of entreprene.docx
 
2_Opportunit_Seeking_Screening_and-Seizing.pptx
2_Opportunit_Seeking_Screening_and-Seizing.pptx2_Opportunit_Seeking_Screening_and-Seizing.pptx
2_Opportunit_Seeking_Screening_and-Seizing.pptx
 
Entrepreneurship PPT.pptx
Entrepreneurship PPT.pptxEntrepreneurship PPT.pptx
Entrepreneurship PPT.pptx
 
Entrepreneurship Introduction
Entrepreneurship IntroductionEntrepreneurship Introduction
Entrepreneurship Introduction
 
small business & epreneurship development U2.pdf
small business & epreneurship development  U2.pdfsmall business & epreneurship development  U2.pdf
small business & epreneurship development U2.pdf
 
CHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCo
CHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCoCHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCo
CHAPTER 8Entrepreneurial Strategy and Competitive DynamicsCo
 
4. challenges encountered by entrepreneurs in provision of pharmaceutical se...
4.  challenges encountered by entrepreneurs in provision of pharmaceutical se...4.  challenges encountered by entrepreneurs in provision of pharmaceutical se...
4. challenges encountered by entrepreneurs in provision of pharmaceutical se...
 
Entrepreneur ideas
Entrepreneur ideasEntrepreneur ideas
Entrepreneur ideas
 
Business planning unit 3
Business planning unit 3Business planning unit 3
Business planning unit 3
 
Unit 2-business-planning-process
Unit 2-business-planning-processUnit 2-business-planning-process
Unit 2-business-planning-process
 
Entrepreneurship
EntrepreneurshipEntrepreneurship
Entrepreneurship
 
Business Plan idea about entrepreneurship.pptx
Business Plan idea about entrepreneurship.pptxBusiness Plan idea about entrepreneurship.pptx
Business Plan idea about entrepreneurship.pptx
 
Do you want to go into business?
Do you want to go into business?Do you want to go into business?
Do you want to go into business?
 

Más de Afzaal Ali

Why Communication is Important [Autosaved].ppt
Why Communication is Important [Autosaved].pptWhy Communication is Important [Autosaved].ppt
Why Communication is Important [Autosaved].pptAfzaal Ali
 
Mass Comm notes.ppt
Mass Comm notes.pptMass Comm notes.ppt
Mass Comm notes.pptAfzaal Ali
 
Pakistani culture
Pakistani culturePakistani culture
Pakistani cultureAfzaal Ali
 
A framework for the analysis of interview data from multiple field research s...
A framework for the analysis of interview data from multiple field research s...A framework for the analysis of interview data from multiple field research s...
A framework for the analysis of interview data from multiple field research s...Afzaal Ali
 
The real beauty of Pakistan-Northern Areas
The real beauty of Pakistan-Northern AreasThe real beauty of Pakistan-Northern Areas
The real beauty of Pakistan-Northern AreasAfzaal Ali
 
Beauty of Pakistan Skardu Valley
Beauty of Pakistan  Skardu ValleyBeauty of Pakistan  Skardu Valley
Beauty of Pakistan Skardu ValleyAfzaal Ali
 
Beauty of Pakistan Hunza Valley
Beauty of Pakistan  Hunza ValleyBeauty of Pakistan  Hunza Valley
Beauty of Pakistan Hunza ValleyAfzaal Ali
 
Pakistan tourism
Pakistan tourismPakistan tourism
Pakistan tourismAfzaal Ali
 
Customer centered brand management
Customer centered brand managementCustomer centered brand management
Customer centered brand managementAfzaal Ali
 
Relationship marketing presentation
Relationship marketing presentationRelationship marketing presentation
Relationship marketing presentationAfzaal Ali
 
Consumers green purchase intention
Consumers green purchase intentionConsumers green purchase intention
Consumers green purchase intentionAfzaal Ali
 
Green marketing
Green marketingGreen marketing
Green marketingAfzaal Ali
 
Marketing scientific progress, and scientific method
Marketing scientific progress, and scientific methodMarketing scientific progress, and scientific method
Marketing scientific progress, and scientific methodAfzaal Ali
 
Final international marketing presentation
Final international marketing presentationFinal international marketing presentation
Final international marketing presentationAfzaal Ali
 
The uppsala internationalization process model revisited
The uppsala internationalization process model revisitedThe uppsala internationalization process model revisited
The uppsala internationalization process model revisitedAfzaal Ali
 
Chapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysisChapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysisAfzaal Ali
 
Chapter 3 Feasibility analysis(lecture 4 & 5)
Chapter 3 Feasibility analysis(lecture 4 & 5)Chapter 3 Feasibility analysis(lecture 4 & 5)
Chapter 3 Feasibility analysis(lecture 4 & 5)Afzaal Ali
 
Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)
Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)
Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)Afzaal Ali
 

Más de Afzaal Ali (19)

Why Communication is Important [Autosaved].ppt
Why Communication is Important [Autosaved].pptWhy Communication is Important [Autosaved].ppt
Why Communication is Important [Autosaved].ppt
 
Mass Comm notes.ppt
Mass Comm notes.pptMass Comm notes.ppt
Mass Comm notes.ppt
 
Pakistani culture
Pakistani culturePakistani culture
Pakistani culture
 
A framework for the analysis of interview data from multiple field research s...
A framework for the analysis of interview data from multiple field research s...A framework for the analysis of interview data from multiple field research s...
A framework for the analysis of interview data from multiple field research s...
 
The real beauty of Pakistan-Northern Areas
The real beauty of Pakistan-Northern AreasThe real beauty of Pakistan-Northern Areas
The real beauty of Pakistan-Northern Areas
 
Beauty of Pakistan Skardu Valley
Beauty of Pakistan  Skardu ValleyBeauty of Pakistan  Skardu Valley
Beauty of Pakistan Skardu Valley
 
Beauty of Pakistan Hunza Valley
Beauty of Pakistan  Hunza ValleyBeauty of Pakistan  Hunza Valley
Beauty of Pakistan Hunza Valley
 
Pakistan tourism
Pakistan tourismPakistan tourism
Pakistan tourism
 
Customer centered brand management
Customer centered brand managementCustomer centered brand management
Customer centered brand management
 
Relationship marketing presentation
Relationship marketing presentationRelationship marketing presentation
Relationship marketing presentation
 
Consumers green purchase intention
Consumers green purchase intentionConsumers green purchase intention
Consumers green purchase intention
 
Green marketing
Green marketingGreen marketing
Green marketing
 
Marketing scientific progress, and scientific method
Marketing scientific progress, and scientific methodMarketing scientific progress, and scientific method
Marketing scientific progress, and scientific method
 
Final international marketing presentation
Final international marketing presentationFinal international marketing presentation
Final international marketing presentation
 
Jim biolos
Jim biolosJim biolos
Jim biolos
 
The uppsala internationalization process model revisited
The uppsala internationalization process model revisitedThe uppsala internationalization process model revisited
The uppsala internationalization process model revisited
 
Chapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysisChapter-5 Industry and competitor analysis
Chapter-5 Industry and competitor analysis
 
Chapter 3 Feasibility analysis(lecture 4 & 5)
Chapter 3 Feasibility analysis(lecture 4 & 5)Chapter 3 Feasibility analysis(lecture 4 & 5)
Chapter 3 Feasibility analysis(lecture 4 & 5)
 
Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)
Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)
Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)
 

Último

Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxWorkforce Group
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakEditores1
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHelene Heckrotte
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...Brian Solis
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023Steve Rader
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...Khaled Al Awadi
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Lviv Startup Club
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfJohnCarloValencia4
 
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...IMARC Group
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfCharles Cotter, PhD
 
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfGraham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfAnhNguyen97152
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato pptElizangelaSoaresdaCo
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)tazeenaila12
 
Slicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinSlicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinAnton Skornyakov
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003believeminhh
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBBPMedia1
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examplesamberjiles31
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfHajeJanKamps
 

Último (20)

Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerak
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023
 
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...NewBase  25 March  2024  Energy News issue - 1710 by Khaled Al Awadi_compress...
NewBase 25 March 2024 Energy News issue - 1710 by Khaled Al Awadi_compress...
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
 
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
 
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdfGraham and Doddsville - Issue 1 - Winter 2006 (1).pdf
Graham and Doddsville - Issue 1 - Winter 2006 (1).pdf
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato ppt
 
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
Harvard Business Review.pptx | Navigating Labor Unrest (March-April 2024)
 
Slicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup BerlinSlicing Work on Business Agility Meetup Berlin
Slicing Work on Business Agility Meetup Berlin
 
WAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdfWAM Corporate Presentation Mar 25 2024.pdf
WAM Corporate Presentation Mar 25 2024.pdf
 
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
The Vietnam Believer Newsletter_MARCH 25, 2024_EN_Vol. 003
 
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John MeulemansBCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
BCE24 | Virtual Brand Ambassadors: Making Brands Personal - John Meulemans
 
Intellectual Property Licensing Examples
Intellectual Property Licensing ExamplesIntellectual Property Licensing Examples
Intellectual Property Licensing Examples
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdf
 

Chapter 2 Steps in entrepreneurial process(entrepreneurship)

  • 1. Steps in the Entrepreneurial Process 1. Discovery 2. Concept Development 3. Resourcing 4. Actualization 5. Harvesting
  • 2. Steps in the Entrepreneurial Process 1. Discovery: The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market Idea OpportunityInnovation
  • 3. What is An Idea, Opportunity and Innovation? 2-3 An idea is a concept for a product or service that doesnít exist or is not currently available in a market niche. It may be a brand-new concept or an improvement of a current product or service. In contrast, an opportunity is an idea for a new product or service with a market that is willing to pay for that product or service so that it can form the basis of a profitable business. Innovation is the process of making changes to something that adds value to customers.
  • 4. What is an Opportunity? 2-4 An opportunity has four essential qualities
  • 5. Three Ways to Identify an Opportunity 2-5 Jeans/Electric cars Electric carsEnergy problem
  • 6. Discovery Consider your hobbies or skills Consider consumer needs and wants Conduct Surveys and questionnaires – test the market Study demographics/ Market research
  • 7. Steps in the Entrepreneurial Process 2. Concept Development:  Develop a business plan: a detailed proposal describing the business idea Executive summary Objective Mission Statement
  • 9. Concept Development  Choose business location  Will a patent or trademark be required?
  • 11. Steps in the Entrepreneurial Process 3. Resourcing: The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc Start-up resourcesStart-up resources
  • 12. Resourcing Identify potentialIdentify potential investorsinvestors HireHire employeesemployees Apply for loans,Apply for loans, grants andgrants and assistanceassistance
  • 13. Steps in the Entrepreneurial Process 4. Actualization: The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives. $$ Grand Opening $$ Day-to-Day Operations
  • 14. Steps in the Entrepreneurial Process 5. Harvesting: The stage in which the entrepreneur decides on business’s future growth/ development, or demise What is your 5-year or 10-year plan? Consider adding locations or providing different products/services Will you go public?
  • 15. WAGE EMPLOYMENT ENTREPRENEURSHIP 1.Work for Others 1.Own Boss 2.Follow Instructions 2.Make own plans 3.Routine Job 3.Creative activity 4.Earning is fixed, never negative 4.Can be negative sometimes, generally surplus 5.Does not create wealth 5.Creates Wealth, contributes toGDP 6.Can choose from- Public Sector, Private Sector 6.Can choose from- Industry Service Enterprise Differences between entrepreneurship and wage employment career options
  • 16. Invention VS Innovation Invention can be defined as the creation of a product or introduction of a process for the first time. Innovation on the other hand, occurs if someone improves on or makes a significant contribution to an existing products, process or service.
  • 17. Type Description Examples Invention Totally new product, service, or process Wright brothers—airplane Thomas Edison—light bulb Alexander Graham Bell—telephone Extension New use or different application of an already existing product, service, or process development from the mainframe computer to the desktop, then laptop and more recently the notebook computer. Duplication Creative replication of an existing concept the adaptation of the franchise from fast food industry to the education industry. Synthesis Combination of existing concepts and factors into a new formulation or use The fax machine, the combination of existing technologies has given rise to a new product technique (telephone + photocopier = fax) Types of Innovation
  • 18. Source Examples Unexpected occurrences Unexpected success: Apple Computer (microcomputers) Unexpected tragedy: 9-11 terrorist attack Incongruities Music+ Mobile, Camera+ Mobile Process needs Online business, OLX Fiber optics Softwares Industry and market changes Health care industry, Energy conservatives products, Environment friendly products Demographic changes Old houses, Fair & Lovely for men Perceptual changes Exercise and the growing concern for fitness, overweight was a risk factor Knowledge-based concepts Mobile technology; pharmaceutical industry
  • 19. The Dark Side of Entrepreneurship The Entrepreneur’s Confrontation with Risk Financial risk versus profit (return) motive varies in entrepreneurs’ desire for wealth. Career risk—loss of employment security Family and social risk—competing commitments of work and family Psychic risk—psychological impact of failure on the well-being of entrepreneurs
  • 20. Stress and the Entrepreneur Entrepreneurial Stress The extent to which entrepreneurs’ work demands and expectations exceed their abilities to perform as venture initiators, they are likely to experience stress. Causes of Entrepreneurial Stress Loneliness Engagement /Immersion in business People problems Need to achieve
  • 21. Dealing with Stress Networking Getting away from it all Communicating with employees Finding satisfaction outside the company Delegating Exercising Rigorously