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The Entrepreneurial Process

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    Identify which step each item would fall under in the Entrepreneurial Process There are 6 steps: Idea Generation, Opportunity Analysis, Planning, Collecting Resources, Launch, and
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  • Brainstorming solutions to a problem you’ve noticed
    Idea Generation
  •  15
  • Identify gaps in the market for a new product
    idea generation
  •  15
  • Creating a list of hobbies or interests that you could turn into a business
    idea generation
  •  15
  • Observing trends on social media to spot a new product idea
    idea generation
  •  15
  • Imagine a new app that could help people manage their daily schedules.
    idea generation
  •  15
  • Research the potential size of your target market.
    Opportunity Analysis
  •  25
  • Survey potential customers to understand their needs.
    Opportunity Analysis
  •  15
  • Analyze your competition’s strengths and weaknesses.
    Opportunity Analysis
  •  15
  • Assess the risks of launching a business in your chosen industry.
    Opportunity Analysis
  •  10
  • Write a mission statement for your business.
    Planning
  •  15
  • Create a financial plan with revenue and expense projections.
    Planning
  •  15
  • Outline the steps for producing your product or service.
    Planning
  •  20
  • Set short-term and long-term goals for your business.
    Planning
  •  15
  • Plan how to manage inventory and ensure product availability.
    Planning
  •  15
  • Apply for a small business loan to fund your startup.
    Collecting Resources
  •  15
  • Find a co-founder or partner with complementary skills.
    Collecting Resources
  •  15