Post on 17-Jan-2016
The Entrepreneurial The Entrepreneurial ProcessProcess
Dr. Mark T. SchenkelDr. Mark T. Schenkel
A Working Definition . . . .A Working Definition . . . .
“ “Entrepreneurship is a way of Entrepreneurship is a way of thinking, reasoning and acting thinking, reasoning and acting that is opportunity obsessed, that is opportunity obsessed, holistic in approachholistic in approach [[emphasis emphasis addedadded]], and leadership balanced” , and leadership balanced” (Timmons, 1999: 27). (Timmons, 1999: 27).
Pre
-laun
ch
Star
t-up
Gro
wth
Tran
sitio
n
Exit/
Succ
essi
on
Life Cycle of a Business Venture
The Entrepreneurial Process (Timmons, 2000)
Opportunity Resources
Team
Communication
Business PlanFits and Gaps
Creativity Leadership
Capital Market ForcesUncertainty
Ambiguity Exogenous Forces
Founder
Pre-Launch Pre-Launch ProcessProcess
Evaluating IdeasEvaluating Ideas
Does Does the Ideathe Idea = = an an OpportunityOpportunity?? MarketMarket MarginMargin MissionMission
(session 1)(session 1)
The Right Team?The Right Team? The Necessary Resources?The Necessary Resources?
The Start-up The Start-up ProcessProcess
The Start-up ProcessThe Start-up Process
Filling the GapsFilling the Gaps The Business PlanThe Business Plan
Executive SummaryExecutive Summary Market Analysis and Marketing Market Analysis and Marketing
PlanPlan Operating Plan and TeamOperating Plan and Team Financial PlanFinancial Plan
Growing the Growing the BusinessBusiness
Growing the BusinessGrowing the Business
CASH FLOW MANAGEMENTCASH FLOW MANAGEMENT Building a CultureBuilding a Culture MarketingMarketing StaffingStaffing Building Management & Building Management &
Administrative SystemsAdministrative Systems
Exit or Exit or SuccessionSuccession
Entrepreneurial Entrepreneurial StrategiesStrategies
Entry Entry StrategiesStrategies
Competitive Entrepreneurial Competitive Entrepreneurial Strategies Strategies (Peter Drucker)(Peter Drucker)
““Fustest with the Mostest”Fustest with the Mostest” ““Hit ‘em where they Ain’t”Hit ‘em where they Ain’t” The NicheThe Niche Changing Values & Changing Values &
CharacteristicsCharacteristics
Growth Growth StrategiesStrategies
The Discipline of Market LeadersThe Discipline of Market Leaders Michael Treacy and Fred WiersemaMichael Treacy and Fred Wiersema
Operational ExcellenceOperational Excellence Product LeadershipProduct Leadership Customer IntimacyCustomer Intimacy
OPERATIONAL
EXCELLENCEPRODUCT LEADERSHIP
CUSTOMER INTIMACY
OPERATIONAL EXCELLENCE
PRODUCT LEADERSHIP
CUSTOMER INTIMACY
Core Business
Structure
Management Systems
Culture
OPERATIONAL EXCELLENCE
PRODUCT LEADERSHIP
CUSTOMER INTIMACY
Core Business
Efficient distribution
Structure Central authority
Management Systems
Standard procedures
Culture One size fits all
OPERATIONAL EXCELLENCE
PRODUCT LEADERSHIP
CUSTOMER INTIMACY
Core Business
Product innovation
Structure Flexible
Management Systems
Reward for innovation
Culture Experimentation
OPERATIONAL EXCELLENCE
PRODUCT LEADERSHIP
CUSTOMER INTIMACY
Core Business
Provide solutions
Structure Empowerment close to customer
Management Systems
Measure: Cost of service/Return
Culture “Have it your way”
OPERATIONAL EXCELLENCE
PRODUCT LEADERSHIP
CUSTOMER INTIMACY
Core Business
Efficient distribution
Product innovation
Provide solutions
Structure Central authority Flexible Empowerment close to customer
Management Systems
Standard procedures
Reward for innovation
Measure: Cost of service/Return
Culture One size fits all Experimentation “Have it your way”
Questions from your Questions from your end . . . ?end . . . ?