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Entr Process Stages

Descriptions of the 5 stages of the Entrepreneurial Process

TermDefinition
Discovery The stage in which the entrepreneur generates ideas, recognizes opportunities, and determines the feasibility of ideas, markets, ventures, etc.
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.
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.
Harvesting The stage in which the entrepreneur decides on venture’s future growth, development, or demise.
Discovery First stage in the Entrepreneurial Process
Concept Development Second stage in the Entrepreneurial Process
Resourcing Third stage in the Entrepreneurial Process
Acualization Fourth stage in the Entrepreneurial Process
Harvesting Fifth stage in the Entrepreneurial Process
Created by: dadehart
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