Timmons Model of the Entrepreneurial Process

“Innovation Distinguishes between a Leader and a Follower”

The startup culture, the CEO tag, the founder mark and of course the visiting card. An entrepreneur is perceived in ways which look dreamy, but the journey of becoming one has some other ingredients.

Timmons Model of the Entrepreneurial Process is a way to define the anchors of building an empire and not a mere organization. The process is a Bermuda Triangle of three factors helping a leader to refrain from sinking in the market mess.

 

 

 

OPPORTUNITY
Before a business plan, a strategy, a route plan, a rough map, all that one needs is an opportunity. An opportunity to solve a problem statement, an opportunity to build not just a strategy but a unique approach to redefining the traditional procedures using design thinking and innovation.

Example: PayTm took the advantage of the opportunity offered at the time of demonetization in the country. The action was sudden, but the reaction by the company made the whole difference.

TEAM
A well-built team defines the future of an enterprise. A team is not just a short-term human resource which helps in achieving specific deadlines and hitting a few targets. The process of team building has a more profound intent associated with it. A team is a reliable means of reducing the problem statements around a niche into productive and practical solutions which not only help the business but also the consumer as a whole.

Example: A well-built team at Netflix paved the way for the video streaming giant to emerge as a market leader. Starting from its weak financial phase, to the layoff of one-third of the employees to build a better and a well intact team, Netflix is an apt example of the contribution of a team in helping to reach higher levels in a business.

RESOURCES
The right mix of tangible and intangible resources makes the path to achieve a business goal much easy and happening. Resources though limited need to be well optimized according to the requirements of the business. The word minimalism conveys an apt description of what an entrepreneur should look at while choosing resources. He or she should keep it under control yet effective.

Example: Again, the example is on Netflix. The company once in a year makes all the departments give an overview to the new hires about it working. The training and sessions provided act as a resource to build better teams and better communication patterns.

Besides the Virtual

The problem with today’s businesses is that the Timmons Model of the Entrepreneurial Process is well known to them, but they wish to start when they have all the three anchors in place before inception. This not only leads to delay in obtaining results but also causes a mismatch in the expectations and results.

The way to solve this problem is to apply innovation and creativity with effective leadership. This synergizes the efforts of an entrepreneur.

What can be Done?

Well, start with an opportunity, build a team and apply the right resources. All this amalgamated well can yield the best of results for an entrepreneur and an enterprise.