Professional Documents
Culture Documents
What Is Entrepreneurship
What Is Entrepreneurship
What Is Entrepreneurship
“Entrepreneurship is a way of
thinking, reasoning and acting that
is opportunity obsessed, holistic in
approach [emphasis added], and
leadership balanced” (Timmons,
1999: 27).
The Entrepreneurial Process
(Timmons, 2000)
Communication
Opportunity Resources
Business Plan
Fits and Gaps
Ambiguity Exogenous Forces
Creativity Leadership
Team
Uncertainty Capital Market Forces
Founder
The Entrepreneurial Process
Eval., Review, Analysis
& Feedback
Implementation Strategy
Formulation
The Entrepreneurial Process
Planning
Luck Strategy
Life Cycle of a Business Venture
Pre-Launch Process:
Idea Generation
Understanding the Genesis of New
Businesses in the Economy
Sources of Ideas: Where to Look
The Entrepreneurial Process
Challenge Traditional Definitions of Value
Entrepreneurship thrives on market
inefficiencies
Customers seek improvement in the
following:
– Speed
– Convenience
– Personalization
– Price
Pre-Launch Process:
Evaluating Ideas Generation
Does the Idea = an Opportunity?
– Market
– Margin
– Mission
The Right Team?
The Necessary Resources?
The Start-up Process
Filling the Gaps
The Business Plan
– Executive Summary
– Market Analysis and Marketing Plan
– Operating Plan and Team
– Financial Plan
Growing the Business
CASH FLOW MANAGEMENT
Building a Culture
Marketing
Staffing
Building Management & Administrative
Systems
Exit or Succession
Entrepreneurial Careers
Do it now!
Not necessarily a one shot deal
Sentry Position (in consulting firm or in
industry)
Family or existing Small Business
Corporate Track
Key Takeaway Points . . .
No fully satisfactory definition of
entrepreneurship has been developed to date
(i.e., one that garners collective agreement
among scholars & practitioners alike).
“Entrepreneurship” reflects creative,
innovative, and arbitrage oriented behaviors.
Is a process; involves planning, strategizing,
and a little bit of luck.
Interconnectedness of resources and
opportunities
Key Takeaway Points . . .
Entrepreneurship can occur – and fail to occur
– in firms that are old and new; small and
large, fast and slow growing; in the private,
not-for-profit, and public sectors; in all
geographic points; and in all stages of a
nation’s development.