INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
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Actualization
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HarvestingConcept Development
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Discovery
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Resourcing
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Detailed explanation-1: -The entrepreneurial process consists of four steps: deciding to become an entrepreneur, developing successful business ideas, moving from an idea to an entrepreneurial firm, and divesting or selling the entrepreneurial firm.
Detailed explanation-2: -Entrepreneurship is defined as “creating something new with value by devoting necessary time and effort, assuming the accompanying financial, psychic and social risks and receiving the resulting rewards of monetary and personal satisfaction of independence” (Hisrich, 1).
Detailed explanation-3: -Gathering resources: Besides spotting opportunities, establishing vision and persuading other individuals; entrepreneurs require enormous amounts of information and resources to help them achieve their missions. In this phase, the entrepreneurs are driven purely by seeking resources to operationalise their ventures.