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Fig. 2.1.1 Entrepreneurial processSource: author%u2019s own workThe entrepreneurial process can be divided into three main phases (Fig. 2.1.1):%u25aa To know %u2013 the orientation, exploring, and analysis phase when potentialentrepreneurs familiarise themselves with what entrepreneurship is exactlyand what it means to be an entrepreneur. They acquire knowledge about theprimary entrepreneurial tools, models, and canvas to use, but also considerthe entrepreneurial idea, evaluate its potential to turn into a businessopportunity, check the level of support they can rely on, attract the right teammembers and, familiarise themselves with the legislation;%u25aa To start or not to start %u2013 the decision-making phase when potentialentrepreneurs make the decision to continue further or not, or maybe topostpone to a later moment;%u25aa To act %u2013 the doing phase when the potential entrepreneurs validate theirentrepreneurial idea, develop a business model and/or business plan, pitch,decide on strategy and competitive advantages, start the venture, manageand grow.The reasons for entrepreneurship could vary largely. However, two generaltypes of incentives lead entrepreneurial intentions and activities, namely:starting a business because of necessity or a starting business because of anopportunity found. Besides, people decide to become entrepreneurs becausethey have their own ideas that need to be taken to the market or they prefer to betheir own boss. Other reasons could be the desire for a better work-life balance,the expectation that entrepreneurship would be more financially rewarding, thescope to work in a more creative and/or innovative manner, and others.542 European EntrepreneurshipOrientation & Exploring & Analysis Phase(Tools, Models, Canvas to use, Support, From Idea toOpportunity, Team,Legislation)To Know To start To actDecision-makingPhaseDoing Phase(Validation, Pitching, BM/BP, Strategy & CA Starting the Venture, Managing & Growing)