lecture 6 - the entrepreneurial process
TRANSCRIPT
7/21/2019 Lecture 6 - The Entrepreneurial Process
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The Entrepreneurial Process
Dr Noor Muhammad
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Model of Entrepreneur Process?
PERSONAL PERSONAL SOCIOLOGICAL PERSONAL ORGANIZATIONAL
Achievement
Locus of Control
Risk Taking
Personal Values
Education
Experience
INNOVATION TRIGGERING EVENT IMPLEMENTATION GROWTH
ENVIRONMENTENVIRONMENTENVIRONMENT
Opportunities
Role Models
Creativity
Competition
Resources
Incubator
Government policy
Competitors
Customers
Suppliers
Investors
Bankers
Lawyers
Resources
Government policy
Risk Taking
Job Dissatisfaction
Job Loss
Education
Age
Commitment
Networks
Teams
Parents
Family
Role Models
Entrepreneur
Leader
Manager
Commitment
Vision
Team
Strategy
Structure
Culture
Products
mbiguity Tolerance
Based on Carol Moore's Model (Moore 1986)
Opportunity recognition
Gender
Resources
Economy
Advisors
Economy
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Factors Influencing an Entrepreneur
• Higher internal locus of control
• Desire for financial success
• Desire to achieve self-realization
• Desire for recognition
• Joy of innovation
• Risk tolerance
Personal Attributes
EnvironmentalFactors
Local, regional, or national attitudes
Social and cultural pressures for or against
risk taking
Access to entrepreneurial role models
Responsibilities to family and community
Remember: No single type of person is best suited for entrepreneurship.
Entrepreneurs come from all walks of life!
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Before Committing, Entrepreneurs Must
1) Assess their own financial reality
• Live with little or no salary?
• What external financial commitments are there?
2) Identify key contacts in their networks
• Take an inventory of the resources in one’s network
3) Reach out to sources of free advice and feedback
•
Who can help or advise?
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Doctrine of the Timmons Model
1) The Opportunity
• Is there a clear customer need?
• Is the timing right: team ready, market ready?
• Combine these factors with the execution of the business plan to make anidea an opportunity
2) The Lead Entrepreneur and Management Team
• Experience within the proposed industry?
• Investors prefer to see a track record of driving growth and profits
• An ‘A’ team with a ‘B’ idea is almost always better than the opposite
3) The Resources
• Capital, technology, equipment, and most importantly – people
• Low overhead, high productivity, and controlling, but not owning resources
• Find ways to get things done faster, cheaper or better!
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Launching a New Venture:
New Venture Creation and the
Entrepreneur
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New Venture Creation
Students are expected to be able to:
1. Analyse and discuss relevant principles, methods and
challenges of business venture creation;
2. Translate a business idea into a written business plan;
3. Explain and defend a business plan to a panel of assessors.
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Project Assessment
Component 1:
Individual Task 5%
Component 2:
Complete Project 10%
Team Presentation 5%
Submission Deadline: 31/03/2014
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Your Project Journey
Ideas & Opportunity
The Business Plan
Promoting the
Business
Sources of External
Finance
Open Session
Final Presentations
Growing the Business
Conducting MarketResearch
The Business Model
Overview &Preparation