The 5 steps in the Entrepreneurial Process

Concept Development

Develop a business plan: a detailed proposal describing the business idea, choose a business location, and determine if a patent or trademark is required.

Harvesting

The stage in which the entrepreneur decides on the venture's future growth, development, or demise. Think about expansion, locations, products and services, and if you'll go public.

Dsicovery

The stage in which the entrepreneur generates ideas, recognizes opportunities, and studies the market. They consider their hobbies and interests, conduct surveys and questionnaires, consider the consumer's needs and wants, and study demographics.

Resourcing

The stage in which the entrepreneur identifies and requires the financial, human, and capital resources needed for the venture startup, etc. Apply for loans, grants, and assistance. Identify potential investors and hire employees.

Actualization

The stage in which the entrepreneur operates the business and utilizes resources to achieve it's goals/objectives. The grand opening and day-to-day operations.