Entrepreneurship One Honors: The Entrepreneurial Process

Vocabulary flashcards covering the four steps of the entrepreneurial process, types of growth, key actions, and quick checklists.

Innovation (Entrepreneurial Process)

The step where an entrepreneur identifies a problem or need and generates a unique idea or solution to fill the gap.

Development (Entrepreneurial Process)

The step where an entrepreneur explores the opportunity and creates a plan for turning the idea into a viable business.

Implementation (Entrepreneurial Process)

The step where an entrepreneur puts the plan into action by building the product/service, securing resources, and entering the market.

Growth (Entrepreneurial Process)

The step focused on expanding the business and increasing value by reaching more customers and improving operations.

Financial Growth

An increase in financial resources, revenue, profits, or cash flow that strengthens the company's financial position.

Strategic Growth

Growth achieved through long-term planning and actions that improve competitive advantage and market position.

Structural Growth

Growth that involves changes to the organizational structure, such as adding departments, locations, or levels of management.

Organizational Growth

Growth in the size, capabilities, and skills of the organization and its employees to better achieve goals.

Image Growth

Growth in the company's reputation and brand awareness, leading to greater customer trust and loyalty.

Innovation Key Actions

Spot opportunities, research the market, generate creative ideas, and evaluate potential.

Development Key Actions

Research the market & competition, define target customers, create a business plan, and determine resources & strategy.

Implementation Key Actions

Build prototypes or products, obtain funding & resources, launch the business, and solve problems & adapt.

Growth Key Actions

Increase sales & customer base, improve efficiency, expand products/services, and plan for long-term success.

Innovation Checklist

Use your knowledge and skills, identify needs & wants, study demographics, and look for gaps in the market.

Development Checklist

Develop your business plan, protect your ideas, use demographics for location, and acquire funding.

Implementation Checklist

Actualize your product or service, plan the opening (event planning), and handle day-to-day operations.

Growth Checklist

Create a 5 or 10 year plan, consider expansion or franchising, keep improving, and always evaluate results.

Entrepreneurial Process Order

PLAN -> ACT -> GROW -> SUCCEED