Entrepreneurs and Entrepreneurship and The Entrepreneurial process

Entrepreneurship

The process of starting and operating one's own business

Concept Development:

The stage in the entrepreneurial process in which the entrepreneur plans the venture, identifies needed resources using a business plan, and identifies strategies to protect intellectual property.

Harvesting

The stage in which the entrepreneur decides on venture's future growth, development, or demise.

Discovery

The stage in which the entrepreneur generates ideas, recognizes opportunities, and determines the feasibility of ideas, markets, ventures, etc.

Resourcing:

The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc.

Actualization:

The stage in which the entrepreneur operates the venture and utilizes resources to achieve its goals/objectives.

Demographics

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

Venture

A business undertaking involving risk

Innovation

A new or different product

Code of ethics

A systematic set of rules and procedures used to guide the behavior of an individual, a business, or a culture

Mission statement

A written description of the purpose of a company and the management's philosophy.

Opportunity

An idea that has commercial value

Entrepreneur

An individual who undertakes the risk associated with creating, organizing, and owning a business

Business ethics

Applying principles of right and wrong to situations in the workplace

Small business

Sometimes referred to as "mom and pop" businesses. Small businesses are generally started to create jobs for the owners.