Presented by: Mr. ZayasPresented by: Mr. Zayas

ENTREPRENEURSHIP Week 4

The Entrepreneurial Process

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Key Term Review

http://www.slideshare.net/edzayas/lahainaluna-entrepreneurship-d2-2012

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Entrepreneurial Startup Process

- Consists of 5 key components

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1. The Entrepreneur – Driving force!

- Pulls together resources needed to exploit an opportunity.

- Creates a company to execute the opportunity.

- Brings all of his/her life experiences.- Passion an persistence to see the

venture through.

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2. The Environment – 4 kinds

a. Nature of environment whether uncertain, highly competitive or fast changing.b. Availability of resources like skilled labor and start-up capital.c. Ways to realize value like favorable taxes, good markets and supportive govt policies.d. Incentives – “Enterprise Zones”, areas of a

community that provide tax benefits.

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3. The Opportunity

An idea that has commercial value. But it only has value when customers are willing and

ready to buy the product.

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4. Startup Resources

CapitalSkilled laborManagement expertiseLegal and financial adviseFacilityEquipmentCustomers

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5. New Venture Organization

Infrastructure of the business – the foundation that supports all products created.

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New Business Success or Failure

Failed Business – has stopped operating with loss of creditors.

Discontinuance – a business that is operating under a different name.