The Entrepreneurial Process Dr. Mark T. Schenkel

A Working Definition.... “Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach [emphasis added], and leadership balanced” (Timmons, 1999: 27). “Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach [emphasis added], and leadership balanced” (Timmons, 1999: 27).

Courage: Risk and the Dimensions of Work Life Cycle of a Business Venture

The Entrepreneurial Process (Timmons, 2000) OpportunityResources Team Communication Business Plan Fits and Gaps Creativity Leadership Capital Market Forces Uncertainty Ambiguity Exogenous Forces Founder

Pre-Launch Process

Evaluating Ideas Does the Idea = an Opportunity? Does the Idea = an Opportunity? Market Market Margin Margin Mission Mission (session 1) The Right Team? The Right Team? The Necessary Resources? The Necessary Resources?

The Start-up Process

Filling the Gaps Filling the Gaps The Business Plan The Business Plan Executive Summary Executive Summary Market Analysis and Marketing Plan Market Analysis and Marketing Plan Operating Plan and Team Operating Plan and Team Financial Plan Financial Plan

Growing the Business

CASH FLOW MANAGEMENT CASH FLOW MANAGEMENT Building a Culture Building a Culture Marketing Marketing Staffing Staffing Building Management & Administrative Systems Building Management & Administrative Systems

Exit or Succession

Entrepreneurial Strategies

Entry Strategies

Competitive Entrepreneurial Strategies (Peter Drucker) “Fustest with the Mostest” “Fustest with the Mostest” “Hit ‘em where they Ain’t” “Hit ‘em where they Ain’t” The Niche The Niche Changing Values & Characteristics Changing Values & Characteristics

Growth Strategies

The Discipline of Market Leaders Michael Treacy and Fred Wiersema Operational Excellence Operational Excellence Product Leadership Product Leadership Customer Intimacy Customer Intimacy

Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY

Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY Core Business Structure Management Systems Culture

Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY Core Business Efficient distribution StructureCentral authority Management Systems Standard procedures CultureOne size fits all

Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY Core Business Product innovation StructureFlexible Management Systems Reward for innovation CultureExperimentation

Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY Core Business Provide solutions StructureEmpowerment close to customer Management Systems Measure: Cost of service/Return Culture“Have it your way”

Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY Core Business Efficient distribution Product innovation Provide solutions StructureCentral authorityFlexibleEmpowerment close to customer Management Systems Standard procedures Reward for innovation Measure: Cost of service/Return CultureOne size fits allExperimentation“Have it your way”

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