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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