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The Entrepreneurial Process

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).

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The Entrepreneurial Process

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  1. The Entrepreneurial Process Dr. Mark T. Schenkel

  2. 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).

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

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

  5. Pre-Launch Process

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

  7. The Start-up Process

  8. The Start-up Process • Filling the Gaps • The Business Plan • Executive Summary • Market Analysis and Marketing Plan • Operating Plan and Team • Financial Plan

  9. Growing the Business

  10. Growing the Business • CASH FLOW MANAGEMENT • Building a Culture • Marketing • Staffing • Building Management & Administrative Systems

  11. Exit or Succession

  12. Entrepreneurial Strategies

  13. Entry Strategies

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

  15. Growth Strategies

  16. The Discipline of Market LeadersMichael Treacy and Fred Wiersema • Operational Excellence • Product Leadership • Customer Intimacy

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

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

  19. Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY Core Business Efficient distribution Structure Central authority Management Systems Standard procedures Culture One size fits all

  20. Courage: Risk and the Dimensions of Work OPERATIONAL EXCELLENCE PRODUCT LEADERSHIP CUSTOMER INTIMACY Core Business Product innovation Structure Flexible Management Systems Reward for innovation Culture Experimentation

  21. Courage: Risk and the Dimensions of Work 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”

  22. Courage: Risk and the Dimensions of Work 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”

  23. Questions from your end . . . ?

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