The Entrepreneurial Process
1. The Entrepreneurial Process The process of creating wealth starts with a desire for change . An entrepreneur combines an idea (opportunity) with tools (resources) to create a new company (the firm). The 6 Steps: Identify an Opportunity: Find a gap in the market. Develop the Concept: Turn that gap into a business idea. Determine Resources: Figure out what you need (money, people, tools). Acquire Resources: Go out and get them. Implement & Manage: Run the business day-to-day. Harvest: Exit the business to collect your profit. 2. Where Do Ideas Come From? Entrepreneurs see opportunities where others see risks . To find a winning idea, look at these four areas of change: Demographics: Changes in the population (e.g., more working women = need for childcare; older population = need for healthcare). Emerging Markets: New global players like the BRICS nations (Brazil, Russia, India, China, South Africa) or regional trade groups like the CSME in the Caribbean. New Technol...