Module 2: The ENTREPRENEURAL PROCESS

Question 1

required
to start a business is difficult for anyone. Many people have reasons for wanting to be an entrepreneur, many say what should be done, and only a few do what is required to get started.

Answer 1

The entrepreneurial process

Question 2

are for those who decide to take one step
forward to achieve success. It is a long-term process in which visionaries mustcontinue to work to transform their environment and their future.

Answer 2

The entrepreneurial culture and spirit-

Question 3

is a process of pursuing a new venture that
involves more than just problem-solving in a typical management position.

Answer 3

entrepreneurial process

Question 4

refers to the creation of a new business entity
as a means of providing work for an individual, or a group of individuals, with a diagnosis of a developmental disability.

Answer 4

term Entrepreneurial Model

Question 5

consists of five phases: idea generation,opportunity evaluation, planning, company formation/launch, and growth.

Answer 5

The entrepreneurial process

Question 6

• refers to the establishment of a new business
  entity to employ an individual or group of individuals with a developmental disability.

Answer 6

The term Entrepreneurial Model

Question 7

• is one of several work options available to people with disabilities as part of a continuum of supported employment.

Answer 7

Entrepreneurial Model

Question 8

a professor at Thunderbird School of Global Management,

Answer 8

Robert Hisrich,

Question 9

-author of several books on entrepreneurship, introduced the model for the entrepreneurial process. This model defines the various elements and events that occur during the entrepreneurial process.

Answer 9

Michael P. Peters,

Question 10

The model identifies three controllable aspects of the entrepreneurial process
that can be evaluated,

Answer 10

influenced, shaped, and altered.

Question 11

are the three components. The founder or entrepreneur is the most important component.

Answer 11

The opportunity, the resources, and the team

Question 12

-is a process of mobilizing people and resources for innovation. The fit between the entrepreneur/team, the product concept, the opportunity, the resources, and the entry strategy is critical to entrepreneurial success

Answer 12

Entrepreneurship

Question 13

• is a continuous
  process that an entrepreneur must follow to plan and launch new ventures more efficiently. Although it is natural to think of the first steps as taking place sequentially, they take place in parallel.

Answer 13

Entrepreneurship

Question 14

The FIVE STAGES of the Entrepreneurial Process

Answer 14

1. Idea Generation
2. Opportunity Evaluation
3. Planning
4. Company formation/launch
5. Growth

Question 15

-Every new business starts with an idea. In our
context, an idea is defined as a description of a need or problem of some constituency, along with a concept of a potential solution.

Answer 15

Idea Generation

Question 16

This is the stage at which you determine whether
there is an opportunity worth investing in. Investment is primarily capital, whether from within the company or from outside investors, as well as the time and energy of a group of people.

Answer 16

Opportunity Evaluation

Question 17

Once you’ve decided on an opportunity, you
must devise a strategy for capitalizing on it begins as a relatively simple set of ideas and becomes more complex as the business develops.

Answer 17

Planning

Question 18

During the planning phase, you will need to develop
two things:

Answer 18

a strategy and an operating plan

Question 19

Accepted Accounting Principles are followed.

Answer 19

▪ Sales
▪ Research and development
▪ Operations
▪ Finance
▪ People management
▪ Processes & Infrastructure

Question 20

PLANNING STRATEGY
There are four main areas of strategy:

Answer 20

a. Target customers
b. Business Model
c. Position
d. Objectives

Question 21

is the set of potential buyers who are your focus as
you design your company’s solution. The more you know about them, the better off you are.

Answer 21

Target customers

Question 22

is your theory about how you will make money. It
involves a definition of a solution to the customer’s need, and a hypothesis
about how and how much the customer will pay for that solution.

Answer 22

Business Model

Question 23

refers both to how your company is differentiated from any
competitors and also how it relates to other companies in the value chain. This
is
an opportunity to define, at a fundamental level, what your company will do and what it will not do.

Answer 23

Position

Question 24

As a first step toward creating your operating plan, you should create a
set
of high level objectives for your business. This should include:
▪ Key milestones (prototype, product, customer, partnerships, etc.)
▪ Share or penetration into your chosen market

Answer 24

Objectives

Question 25

is where you spell out everything you intend to do and how it will benefit your company. Marketing, selling, engineering, and other areas of the business will be covered.

Answer 25

OPERATING PLAN

Question 26

Begin with your strategy and break down what needs to be done to achieve this is the foundation of your plan.

Answer 26

goals

Question 27

If you craft/draw your business plan, you will notice that there are several plans within one larger plan.

Answer 27

a. Company timeline. b) Staffing plan c) Budget

Question 28

. This is a representation of all the major accomplishments or deliverables that are necessary for you to achieve your strategy.

Answer 28

Company timeline

Question 29

This is the document where you capture all of the hirings your firm will do (skills, experience, and timing).

Answer 29

Staffing plan.

Question 30

is where all the pieces of the operating plan come together and are expressed in financial terms. This is a critical document for managing your business.

Answer 30

Budget

Question 31

Once there is a sufficiently compelling opportunity and a plan in place, the entrepreneurial team will go through the process of selecting the appropriate form of business entity, which entails establishing the venture as a legal entity

Answer 31

Company formation/launch

Question 32

Following the launch, the company focuses on developing its product or service, generating revenue, and achieving long-term success. The emphasis shifts away from planning and toward execution.

Answer 32

Growth