Entrepreneurship

Four things
 Passion believes in yourself – self efficacy .
 Planning + Action
 Help helps.
 Do well do good.

Timmons model
1.Opporturnity

 Opportunity- three aims-Market Size-Market Demand and structure – marginal analysis

 Resource marshaling

2. Resources

 Use available resources.

 Control resource
 Intellectual capital

3. Entrepreneurial team

 Key component for success

Business Plan

Communicates 3 driving forces.

Elements to start a business.

 Boundary – creating a place for your biz in people’s minds- set a company name.
 Resource – items a biz owns like knowledge on how to start (human resources)
 Intention- desire of the entrepreneur to start a business making it a success.
 Exchange – making sure the biz has a steady income.

Importance of small businesses

 New jobs
 Innovation
 Creating new opportunity
Factors driving entrepreneurial ability.

1. Factor driven economies- little manufacturing- farming and mining.

2. Efficiency driven- Key to build middle class.
3. Innovation driven -high level of job availability.
Different perspectives that drive entrepreneurship
 Opportunity driven entrepreneurship
Entering the business to improve themselves financially.
 Necessity driven entrepreneurship.
Those entering because they have no prospect on getting an employment.
Key aspects and operational competencies
Passion(enthusiasm)
Perseverance(relentless)
Promotion-prevention focus
Maximize gains and minimize losses.
Planning style
1. Comprehensive- long term view
2. Critical point- they plan the most-important aspects first.
3. Opportunistic -start with a goal a look for ways to achieve it.
4. Reactive – passive waiting for cues from the environment to act.
5. Habit based – do not plan(routines)
Professionalization- the extent to meet standards of the business.

Entrepreneurial life cycle

a) Emergence
b) Existence
c) Success stage
d) Resource Maturity
e) Takeoff
Sources of opportunities
S-Substitute.
C-combine.
A-adapt.
M-modify.
P-put to another use.
E-eliminate.
R-reverse.
How to construct a business model canvas
 Customer segments-
 Problem-
 Solution
 Value proposition (unique selling point)
 Channels – (products reach customers)
 Customer relationship – (how you treat customers)
 Revenue (how you make money and solve problems)
 Key activities (most important activities)
 Key resources (what you have that no one else have)
 Key partners (Individuals or organization that can help you be successful)
 Cost structure (costs considered and initial assessments of profits)

Bibliography
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