Lahainaluna Entrepreneurship day 4 2012
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Transcript of Lahainaluna Entrepreneurship day 4 2012
Presented by: Mr. ZayasPresented by: Mr. Zayas
ENTREPRENEURSHIP Week 4
The Entrepreneurial Process
ENTREPRENEURSHIP
Key Term Review
http://www.slideshare.net/edzayas/lahainaluna-entrepreneurship-d2-2012
ENTREPRENEURSHIP
Entrepreneurial Startup Process
- Consists of 5 key components
ENTREPRENEURSHIP
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.
ENTREPRENEURSHIP
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.
ENTREPRENEURSHIP
3. The Opportunity
An idea that has commercial value. But it only has value when customers are willing and
ready to buy the product.
ENTREPRENEURSHIP
4. Startup Resources
CapitalSkilled laborManagement expertiseLegal and financial adviseFacilityEquipmentCustomers
ENTREPRENEURSHIP
5. New Venture Organization
Infrastructure of the business – the foundation that supports all products created.
ENTREPRENEURSHIP
New Business Success or Failure
Failed Business – has stopped operating with loss of creditors.
Discontinuance – a business that is operating under a different name.