Timmos
Content
I. Introduction
II. Definition of Entrepreneurial Process
III. Timmons Model of Entrepreneurial Process
a. Opportunity b. Resources c. Team
IV. Conclusion
V. Bibliography
I. Introduction
Starting new business or new ventures always requires a great deal of preparation and a thorough assessment of all the factors, which may have impact on the final expected results and outputs. In other words, there should be a positive balance between reasonable expectations of gaining revenue and risks of failure to do so. A good entrepreneur always tries to minimize risks and to maximize reasonable expectations. One of the most efficient ways to achieve it is to fully understand from the very beginning of starting your venture, what steps you need to undertake in order to lay solid foundations of your future business. Here, different models of entrepreneurial process are intended to help us. In this paper one such a model, which was named after J. Timmons who introduced it for the first time in his Harvard dissertation research, will be analysed and compared with other similar models of entrepreneurial process. We will see how Timmons` ideas were evolved with time and developed to fit into modern business and market realities.
In the second Chapter a general definition and understanding of entrepreneurial process will be given followed by the third Chapter with the description of each particular key element in the Timmons model. In this Chapter, alternative ideas and models will be also discussed and compared to the Timmons` one to identify the strengths and weaknesses of the latter. We will conclude trying to give a holistic and comprehensive view of the Timmons` model with due considerations of its practical and theoretical significance in future.
II. Definition of Entrepreneurial Process
Entrepreneurial process is understood as step-by-step process which every entrepreneur should undergo when
I. Introduction
II. Definition of Entrepreneurial Process
III. Timmons Model of Entrepreneurial Process
a. Opportunity b. Resources c. Team
IV. Conclusion
V. Bibliography
I. Introduction
Starting new business or new ventures always requires a great deal of preparation and a thorough assessment of all the factors, which may have impact on the final expected results and outputs. In other words, there should be a positive balance between reasonable expectations of gaining revenue and risks of failure to do so. A good entrepreneur always tries to minimize risks and to maximize reasonable expectations. One of the most efficient ways to achieve it is to fully understand from the very beginning of starting your venture, what steps you need to undertake in order to lay solid foundations of your future business. Here, different models of entrepreneurial process are intended to help us. In this paper one such a model, which was named after J. Timmons who introduced it for the first time in his Harvard dissertation research, will be analysed and compared with other similar models of entrepreneurial process. We will see how Timmons` ideas were evolved with time and developed to fit into modern business and market realities.
In the second Chapter a general definition and understanding of entrepreneurial process will be given followed by the third Chapter with the description of each particular key element in the Timmons model. In this Chapter, alternative ideas and models will be also discussed and compared to the Timmons` one to identify the strengths and weaknesses of the latter. We will conclude trying to give a holistic and comprehensive view of the Timmons` model with due considerations of its practical and theoretical significance in future.
II. Definition of Entrepreneurial Process
Entrepreneurial process is understood as step-by-step process which every entrepreneur should undergo when
Bibliography: Israel Kirzner, Competition and Entrepreneurship (Chicago: University ofChicago Press, 1973). Timmons, Jeffry, A.; Zacharakis, Andrew, and Spinelli, Stephen. (2004). Business Plans That Work: A Guide For Small Business. McGraw Hill. Carsrud, A.L., K.W. Olm, & G.G. Eddy (1986) Entrepreneurship: Research in quest of a paradigm, In D.L. Sexton & R.W. Smilor (eds.) The Art and Science of Entrepreneurship, Cambridge, MA: Ballinger Hofer, C.W Kets de Vries, M.F.R. (1985) The darkside of entrepreneurship, Harvard Business Review, 85 (6) Web-sites