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The Entrepreneurial start-up process

The Entrepreneurial start-up process. The Five Key Components. The Entrepreneur. Driving force of the start-up process. Recognizes an opportunity. Gathers resources to take advantage of the opportunity. Creates a company to execute the opportunity in the marketplace. The Environment.

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The Entrepreneurial start-up process

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  1. The Entrepreneurial start-up process The Five Key Components

  2. The Entrepreneur • Driving force of the start-up process. • Recognizes an opportunity. • Gathers resources to take advantage of the opportunity. • Creates a company to execute the opportunity in the marketplace.

  3. The Environment • Four environmental factors affect a new venture’s ability to start and grow. • Nature of the Environment: uncertain, fast-changing, stable, or highly competitive. • Availability of Resources: skilled labor, start-up capital, and sources of assistance. • Ways to Realize Value: favorable taxes, good markets, and supportive governmental policies. • Incentives to Create New Businesses: Enterprise Zones.

  4. The Opportunity • Opportunity: Idea that has commercial potential. • Opportunities have potential when there is demand for the product. • Idea + Market = Opportunity

  5. Start-Up Resources • The necessary people and capital must gathered when the entrepreneur is ready to start the business. • Start-Up Resources include: capital, skilled labor, management expertise, legal and financial advice, facility, equipment, and customers needed to start a business.

  6. The New Venture Organization • New Venture Organization = Company • Company is the foundation that supports all of the products of the new business. • Through the company the entrepreneur creates value that benefits the owners, employees, customers, and economy.

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