Entrepreneurial Essay

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Entrepreneurship The Entrepreneurial Process What does it take to get started? The Timmons Model of the Entrepreneurial Process Communication Opportunity (2) Ambiguity Resources (4) Exogenous forces Business Plan Fits and gaps Creativity Uncertainty Team (3) Leadership Capital market context Founder (1) The Entrepreneurial Process  THREE MAIN COMPONENTS  Idea => Opportunity   90% of opportunities arise from your employment 8-10 years of experience typical   Resources Champions (Entrepreneur and team)   Build an organization You do need money, but not necessarily a lot of money, to get started Value Creation: The Driving Forces   A core, fundamental entrepreneurial process Central themes or driving forces dominate this highly dynamic entrepreneurial process      It is opportunity driven It is driven by a lead entrepreneur and an entrepreneurial team It is resource parsimonious and creative It depends on the fit and balance among these It is integrated and holistic What is an Opportunity?   It has the qualities of being attractive, durable, and timely and is anchored in a product or service that creates or adds value for the end user (or buyer). Opportunities arise from…    Societal change Market & regulatory dynamics & change Technology change What is an Opportunity? O P P O R T U N I T Y Recognizing a desired future state involving growth or change A belief that achievement of that state is possible The Opportunity  Market Demand      Margin Analysis   Reachable customer Payback < 1 year Share Growth 20%+ and Durable Emerging/Fragmented $50 million => 1 billion Barriers to entry    Market Structure/Size   Low cost provider Low capital requirements Break even 1-2 years Value added increase of P/E ratio

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