Entrepreneurial Process

Emma and Ivy are considering beginning a jewelry-making business. They have been collecting, reviewing, and interpreting the surveys they distributed last week about their business idea. Emma and Ivy are in what stage of their entrepreneurial process?

• Actualization

• Concept Development

• Discovery

• Harvesting

Having a large grand opening sale or a summer clearance sale and promoting the sale of new clothing and shoes through advertised specials are all examples of which stage of the entrepreneurial process?

• Concept Development

• Resourcing

• Actualization

• Harvesting

Jeff worked for IBM for twenty years and recently changed jobs. He decided to start a computer repair business out of his home and is currently seeking people and companies to invest in this business venture. Jeff is in what stage of the entrepreneurial process?

• Actualization

• Concept Development

• Discovery

• Resourcing

Joan's Jewelry Junction is a business that is independently owned and operated. This business is not dominant in its field but has been in business for two successful years. Joan is in what stage of the entrepreneurial process?

• Actualization

• Discovery

• Harvesting

• Resourcing

Jonathan is interested in starting a lawn mowing business. He has been acquiring the money needed to start his business. Jonathan is in what stage of the entrepreneurial process?

• Actualization

• Concept Development

• Discovery

• Resourcing

Listing people and businesses who might give money to start the business, completing an application for a business loan at the bank, and advertising for people to work in the new business are all classified as which stage of the entrepreneurial process?

• Discovery

• Concept Development

• Resourcing

• Actualization

Offering shares of stock to public investors, planning goals for the business during the next five years, and planning goals for the business during the next ten years are all classified as which stage of the entrepreneurial process?

• Concept Development

• Resourcing

• Actualization

• Harvesting

Preparing a business plan for a new business, renting a building for the new store, and copyrighting the website for the new business are all classified as which stage of the entrepreneurial process?

• Discovery

• Concept Development

• Resourcing

• Actualization

Sending email surveys to various families, offering samples of Tops Popcorn at the grocery store, and doing research to see how many families in the area buy popcorn are all classified as which stage of the entrepreneurial process?

• Discovery

• Concept Development

• Resourcing

• Actualization

What is an example of an activity for a business person who is entering the harvesting stage of entrepreneurship?

• Considering opening a second store

• Gathering market research data about the product

• Having a grand opening for the business

• Seeking financial assistance from the Small Business Administration