Entrepreneurial Process 1

Entrepreneurial
Process
Entrepreneurial Process
Timmons' Model of
Founder
Opportunities
Team
Resources Entrepreneurial Process
Steps in Entrepreneurial can be defined as the steps taken in order to establish a new
Process
enterprise. It is a step-by-step method, one has to follow to set
Deciding to be an
Entrepreneur up an enterprise
Factors that triggered the
desire to become an
entrepreneur
Questions that
entrepreneur must answer
Identifying and Evaluating
the Opportunity
Timmons' Model of Timmons' Model of

Founder
Opportunities
Team
Resources
Steps in Entrepreneurial
Process
Deciding to be an
Entrepreneur
desire to become an
entrepreneur
Questions that
Jeffry Timmons
Identifying and Evaluating 1941-2008
the Opportunity http://archive.boston.com/bostonglobe/obituaries/articles/2008/04/22/jeffry_timmons_66_pioneer_in_entrepreneurship_education/
Timmons' Model of
Founder
Opportunities
Team
Timmons' Model of
Resources Entrepreneurial Process
a model of entrepreneurship provides relationship between
Process three aspects i.e. opportunities, resources and teams. These are
the three critical factors available to an entrepreneur which
Deciding to be an
Entrepreneur influences the success of business in the industry. Also, the
success of entrepreneurship business depends on the ability of
Factors that triggered the entrepreneur to use all these three attributes or critical success
desire to become an
entrepreneur factors in the most effective manner
Questions that
the Opportunity
Entrepreneurial Process Timmons' Model of Entrepreneurial Process
Communication
Timmons' Model of
Founder
2 4
Opportunities
Opportunity Resources
Team
Resources
Business
Steps in Entrepreneurial Plan
Process
Creativity Leadership
Deciding to be an
Entrepreneur 3
Factors that triggered the Team
desire to become an
entrepreneur
Questions that
Identifying and Evaluating 1
the Opportunity
Founder
Timmons' Model of
Founder
Opportunities Timmons' Model of
Team
Resources
In the figure, relationship between three attributes has been
Steps in Entrepreneurial identified i.e. opportunity, resources and team collaboration.
Process Opportunity recognition has been identified as the base for all
Deciding to be an entrepreneurship operations and the main aim of
Entrepreneur entrepreneurship is to minimize the risks in entrepreneurial
Factors that triggered the operations by exploiting new opportunities.
desire to become an
entrepreneur
Questions that
the Opportunity
Timmons' Model of
Founder
Opportunities
Team Founder
Resources or the entrepreneur takes charge in
Steps in Entrepreneurial attracting key players to the team and
Process manages the business or the
enterprise. The founder must also
Deciding to be an
Entrepreneur balance the available resources with
the opportunity and the potential of
desire to become an the team.
entrepreneur
Questions that
the Opportunity
Timmons' Model of
Founder Opportunities
A unique idea is needed to execute
Opportunities
the business plan and to open a new
Team business in the industry. Thus,
Resources Timmons model is opportunity driven
model that provides that unique
Steps in Entrepreneurial business idea is not always a good
Process
opportunity (“TIMMONS” Model,
Deciding to be an 2019). Further, this model provides
Entrepreneur
that the available opportunities or
Factors that triggered the business idea becomes viable only
desire to become an when the new products or services are
entrepreneur
viable to add or provide value to
Questions that customers.
the Opportunity
Timmons' Model of
Entrepreneurial Process Team
Founder After identifying the business
opportunity, the entrepreneur
Opportunities
develops an organization team to start
Team the working operations and to plan
Resources number of operative tasks in
organization. The size of organization
Steps in Entrepreneurial team that is required to be developed
Process
depends upon the size of business
Deciding to be an idea or opportunity. Effective teams
Entrepreneur
are required to be developed to
Factors that triggered the effectively execute the identified
desire to become an opportunity. Ineffective teams could
entrepreneur
result in failure of the developed
Questions that business opportunity (Timmons
Model, 2018).
the Opportunity
Timmons' Model of
Resources
The presence of extensive resources
Founder decreases the risks associated with start-
Opportunities up of new business by the entrepreneur.
These resources help in establishing the
Team new venture with the bootstrapping to
Resources achieve the advantages among the
competitors. Mainly four factors play a
Process significant role in establishment of the
new company with economic profits such
Deciding to be an
Entrepreneur as land, labor, capital and
entrepreneurship because these are
Factors that triggered the utilized in production of the new venture.
desire to become an
entrepreneur The type and size of the new venture
describes the requirement of the resource
Questions that
entrepreneur must answer factors along with entrepreneur which
plays a role in resource management to
Identifying and Evaluating develop the best venture.
the Opportunity
Timmons' Model of Steps in Entrepreneurial

Founder
Process
Opportunities 1. Deciding to be an Entrepreneur
2. Identifying and Evaluating the
Team
Opportunity
Resources
3. Identification of Goals and
Steps in Entrepreneurial Objectives
Process
4. Feasibility Analysis
Deciding to be an
Entrepreneur 5. Protection of Intellectual
Factors that triggered the Property
desire to become an 6. Procurement of Resources
entrepreneur
7. Enterprise establishment
Questions that 8. Managing & Growing the
Enterprise
the Opportunity 9. Sustainable Enterprise
Timmons' Model of
Founder
Opportunities
Team
Deciding to be
an Entrepreneur
Resources
Process It refers to the first step of the
Deciding to be an entrepreneurial process in which an
Entrepreneur individual decides to start his/her own
Factors that triggered the enterprise.
desire to become an
entrepreneur
Questions that
the Opportunity
Timmons' Model of
Entrepreneurial Process Factors that triggered the desire
Founder to become an entrepreneur
Opportunities
1. Arising of an innovative idea
Team backed up the ability to start a
Resources business
Steps in Entrepreneurial 2. Inheriting wealth and skills to
Process establish an enterprise
Deciding to be an 3. Prevailing problems in current jobs
Entrepreneur 4. Willing to become own boss
Factors that triggered 5. Pursuing own ideas
the desire to become an 6. Realizing the need of earning
entrepreneur
money
Questions that
the Opportunity
Timmons' Model of
Founder Questions that entrepreneur
Opportunities
Team
must answer
Resources 1. Am I ready to open a business?
2. Am I ready to become an
Process entrepreneur?
Deciding to be an 3. Am I willing to lose the money of
Entrepreneur investors who may be my friends
Factors that triggered and family?
the desire to become an
entrepreneur 4. Am I ready to face failure?
Questions that 5. Am I ready to spend my 24 hours?

the Opportunity
Identifying and
Timmons' Model of
Entrepreneurial Process Evaluating the
Founder
Opportunities
Opportunity
It refers to the second stage of the
Team entrepreneurial process. In this
process, the entrepreneur recognizes
Resources
potential opportunities. The
Steps in Entrepreneurial entrepreneurs keep on scanning the
Process environment to gather useful
Deciding to be an information for identifying
Entrepreneur opportunity in the form of a potential
product or service. Further, they
Factors that triggered the evaluate and screen the identified
desire to become an
entrepreneur opportunity. The evaluation of the
identified opportunity helps
Questions that entrepreneurs in assessing whether
the opportunity is realistic and the
Identifying and Evaluating returns of the opportunity are as per
the Opportunity the resources required.
Identification of Goals
and Objectives
Feasibility Analysis
Product/Service Feasibility and Objectives
Industry/Market Feasibility
Financial Feasibility
GOALS vs OBJECTIVES
Identification of Legal
Structure Narrow in scope
Compliance with the Broad in nature Specific steps
country's laws and Valuable for setting a Associated with a
regulations
general direction or schedule and time
Protection of Intellectual frame
Property vision
Difficult to measure The means to the end
Procurement of Resources
Longer term result
Enterprise establishment Easy to measure
The end result
Managing & Growing the Short term or medium-
Enterprise
term
Sustainable Enterprise
and Objectives
Product/Service Feasibility
Identification of
Industry/Market Feasibility Goals and
Financial Feasibility Objectives
Identification of Legal Objectives should be clear and
Structure
concise. Goals do not have to be
Compliance with the
country's laws and specific enough for you to act on, but
regulations should give you a future target or list
Protection of Intellectual of things you want to work on.
Property
Objectives, however, need to be
Procurement of Resources SMART— specific, measurable,
Enterprise establishment action-oriented, realistic and timely —
Managing & Growing the to accomplish the goals set for your
Enterprise business or enterprise.
and Objectives
Industry/Market Feasibility Feasibility
Analysis
Structure Having screened out an idea with
high potential, it is subjected to the
Compliance with the
country's laws and detailed feasibility analysis which
regulations may take a couple of days or
Protection of Intellectual weeks. The detailed analysis is
Property
helpful in making suitable
modifications in the business idea.
Enterprise establishment
Managing & Growing the
Enterprise
and Objectives
Product/Service
Financial Feasibility Feasibility
The feasibility of the product/service is
Structure performed by concept testing, i.e.
Compliance with the showing the concept or idea to a
country's laws and sample group of potential customers to
regulations
gauge their reaction, to take their
Protection of Intellectual
Property suggestions for further development of
Procurement of Resources the concept and to assess its sales
potential.
Enterprise
and Objectives
Industry/Market
Industry/Market Feasibility Feasibility
Financial Feasibility The feasibility analysis of
Identification of Legal industry/market involves three
Structure considerations. Firstly, how attractive is
Compliance with the the market for the new business idea or
country's laws and
regulations concept. Secondly, efforts should be
Protection of Intellectual expended to identify the niche within a
Property large market. Last but not the least, a
Procurement of Resources candid assessment of the overall market
Enterprise establishment potential of the new concept should be
made in a realistic manner.
Enterprise
and Objectives
Financial
Product/Service Feasibility Feasibility
Industry/Market Feasibility The total initial cash needed for starting
the venture and overall financial
attractiveness of the investment is at the
Identification of Legal heart of financial feasibility. It should be
Structure
kept in mind that very rarely do new
Compliance with the
country's laws and start-up ventures are able to secure
regulations funding from the financial institutions as
Protection of Intellectual debt or are able to find equity investors.
Property
Therefore, very clear identification
about the sources of sufficient funds to
Enterprise establishment cover all the capital, expenditures and
Managing & Growing the operating expenses to generate first
Enterprise
unit of the sales should be done.
and Objectives
Identification of
Legal Structure
Structure
Compliance with the
country's laws and 1. Sole Proprietorship
regulations 2. Partnership
Protection of Intellectual 3. Corporation
Property
Enterprise
and Objectives
Feasibility Analysis Compliance with the
country's laws and
Financial Feasibility regulations
Structure
Compliance with the
country's laws and
regulations
Property
Enterprise
https://en.wikipedia.org/wiki/Department_of_Trade_and_Industry_(Philippines) https://m.facebook.com/PasigUpdates/posts/2742720575806827
and Objectives
Feasibility Analysis Protection of
Intellectual Property
Structure
Compliance with the
country's laws and
regulations
Property
Enterprise
Sustainable Enterprise https://www.bworldonline.com/intellectual-property-office-targets-countryside-expansion/
and Objectives
Industry/Market Feasibility Procurement
of Resources
Structure 1. Building
Compliance with the 2. Utilities
country's laws and 3. Manpower/Employees
regulations
4. Machinery and Equipment
Property 5. Raw Materials
6. Funds, finances and investments
Enterprise
and Objectives
Structure
Compliance with the
country's laws and
regulations
Property
Managing & Growing the https://www.purchasecontrol.com/blog/procurement-process-cycle/
Enterprise
and Objectives
Feasibility Analysis Enterprise
Product/Service Feasibility establishment
Industry/Market Feasibility This stage of the entrepreneurial
process is the actual establishment and
opening of the business. During this
Identification of Legal stage, the entrepreneur goes from being
Structure just a visionary to a visionary with a
Compliance with the business to run. It refers to the most
country's laws and important step of the entrepreneurial
regulations
process in which the entrepreneur
Property develops his/her own enterprise to
execute the identified opportunity.
Moreover, he/she takes into
Enterprise establishment consideration all internal and external
Managing & Growing the environmental forces, while developing
Enterprise the enterprise.
and Objectives
Managing &
Growing the
Financial Feasibility Enterprise
Once the resources are acquired, the
Structure entrepreneur uses them efficiently to
Compliance with the carry out the business plan successfully.
country's laws and He/she also strives to identify and
regulations examine operational problems, and
Protection of Intellectual solve them. The entrepreneur needs to
Property take into account the four Ps, product,
Procurement of Resources price, promotion, and place of
Enterprise establishment marketing, for the growth and
development of the enterprise.
Enterprise
and Objectives
Financial Feasibility Managing &
Structure
Growing the
Compliance with the Enterprise
country's laws and Take Decision on Buy vs. Build
regulations
Evaluate Financing Options
Protection of Intellectual Consistency in Business
Property
Succession Planning
Enterprise
and Objectives
Feasibility Analysis Sustainable
Product/Service Feasibility Enterprise
Industry/Market Feasibility Although most entrepreneurs are
satisfied to build a Business, they should
Financial Feasibility strive to become a Sustainable Business.
Identification of Legal There are unique challenges to creating
Structure a sustainable business and it can be
Compliance with the defined in different ways. It is typically
country's laws and characterized by time. Ventures those
regulations
last 10+ years may be thought of as
Protection of Intellectual sustainable; however, the real challenge
Property
is for a business to outlast the
involvement of its founders. That is a
Enterprise establishment more relevant definition of a sustainable
Managing & Growing the business.
Enterprise
Process
1. Deciding to be an Entrepreneur
2. Identifying and Evaluating the
Opportunity
Steps in Entrepreneurial 3. Identification of Goals and
Process Objectives
Examples 4. Feasibility Analysis
5. Protection of Intellectual
Property
6. Procurement of Resources
7. Enterprise establishment
8. Managing & Growing the
Enterprise
9. Sustainable Enterprise
Process
Examples
https://www.google.com/url?
sa=i&url=https%3A%2F%2Fwww.logo.wine%2Flogo%2FNetflix&psi
g=AOvVaw3KgefmLYg5T0d6H_--
MpoM&ust=1612863647779000&source=images&cd=vfe&ved=0CA
0QjhxqFwoTCKD86rn_2e4CFQAAAAAdAAAAABAT
Netflix
Opportunity
Process
Netflix was started in 1997 to offer number of DVD for
Examples sales. Hastings identified the opportunity for opening up
the company to make it equivalent to amazon. However,
this company identified the opportunity for starting online
streaming services.
Netflix
Team
Process The team of Netflix has helped in achieving huge success
Examples and competitive advantage through huge number of
subscriptions for online streaming. Netflix hired and
formulated a well-built team which paved the way for
achieving leading position in industry for video streaming
giant.
Netflix
Resources
Process The main resources that have been attracted by Netflix
Examples includes qualified and experienced staff members. Netflix
has established number of departments to provide
effective services to its customers. Netflix also provides
regular training to its staff members to ensure that quick
and quality services are provided to customers.
Entrepreneurial
Process
Thank you &
God Bless
References
“TIMMONS” Model. (2019). “TIMMONS” Model of the Entrepreneurial Process. Retrieved 31 December 2019, from
https://arienclairediego.wordpress.com/2012/08/23/timmons-model-of-the-entrepreneurial-process/
11. The Timmons Model and its application to Netflix's transition from DVD-by-Mail to online streaming. Flashcards | Quizlet. (2019). Retrieved 31 December 2019, from
https://quizlet.com/349207920/11-the-timmons-model-and-its-application-to-netflixs-transition-from-dvd-by-mail-to-online-streaming-flash-cards/
Amisha, R. (2019, July 29). Entrepreneurial Process: 6+ Steps, 3+ Stages. Business Management Ideas. https://www.businessmanagementideas.com/entrepreneurship-
2/entrepreneurial-process/20029?fbclid=IwAR10pzSf6GmEkkMrsKivqNmKJAJTJvRrYxcwzlJXwYt8Xp6f8Qaxi-6X1
GoEntrepreneurial Process - Tutorialspoint. (n.d.). Tutorialspoint.
https://www.tutorialspoint.com/entrepreneurship_development/entrepreneurship_development_process.htm#:%7E:text=Entrepreneurial%20process%20can%20be%20defi
ned,to%20set%20up%20an%20enterprise.
Keyser, W. (2019, January 8). New Venture Creation—the Timmons Model. Venture Founders. https://venturefounders.com/timmons-model-of-new-venture-creation/
Littleton, C., & Roettgers, J. (2018). Ted Sarandos on How Netflix Predicted the Future of TV. Retrieved 31 December 2019, from
https://variety.com/2018/digital/news/netflix-streaming-dvds-original-programming-1202910483/
minderchen. (2017, May 29). Entrepreneurship and Entrepreneurs (3): Timmons Model of Entrepreneurship [Video]. YouTube. https://www.youtube.com/watch?
v=w4T8h4h48G0&t=756s
Nayab, N. (2010, June 5). The Timmons Model of Entrepreneurship: Your Guide to Entrepreneurial Success. Bright Hub.
https://www.brighthub.com/office/entrepreneurs/articles/73336/
O’Neil, M. (2018, August 29). What Is the Difference Between Goals and Objectives: Examples of an Actionable Business Planning Process. Promises at Work.
https://www.samewave.com/posts/the-difference-between-goals-and-objectives-create-an-actionable-business-planning-process
Ross, L. (2019, March 5). Understanding the Timmons model of entrepreneurship with example. Assignment Help 4 Me. https://assignmenthelp4me.com/article-timmons-
model-of-entrepreneurship-483.html
Timmons Model, T. (2018). Timmons Model of the Entrepreneurial Thought - Vasishta Chary Speaks. Retrieved 31 December 2019, from
https://vasishtachary.com/blog/timmons-model-of-the-entrepreneurial-thought/

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Identifying and Evaluating

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