Ba470 Week 1 Assignment
Malincho Case Study
Kalin searched for an opportunity, and on finding it, shaped the opportunity into a high-potential venture by drawing up a team and gathering the required resources to start a business that capitalized on the opportunity. In the process of starting the business, he risked his career, personal cash flow and net worth. The Timmons model bases itself on the premise that Kalin will earn rewards in commensuration with the risk and effort involved in starting or financing the business (e.g., Bygrave & Zacharakis, p. 37).
1. Apply the Timmons entrepreneurship framework (entrepreneur-opportunity-resources to analyze this case. Analyze and explain Kalin’s traits and how he gathered resources for his venture. According to the Timmons Model of Entrepreneurship the three critical factors of a successful venture are opportunities, teams, and resources (e.g., http://www.brighthub.com/office/entrepreneurs/articles/73336.aspx#imgn_0). Kalin was a successful entrepreneur because he was able to balance these critical factors. To better express this, the follow chart as been inserted: Once he identified this opportunity, he set to work putting together the necessary resources to make his business a reality. He had to find a good supplier to order large quantities of quality cheese and have it shipped to him. This also required a lot of research on the U.S. Customs Department import regulations, restrictions and fees associated with food imports. When he needed to raise the $40,000 to order the 28,000 pounds of cheese, he called all his contacts who expressed interest and encouragement in his business venture. He even called a family friend in Bulgaria to ask her to join into the business as well and to make sure his product was purchased and shipped to the U.S (e.g., Bygrave & Zacharakis, pp 39-40).
2. What business models are open to a food-product importer? What steps should Kalin take to position his company for the next phase of
Kalin searched for an opportunity, and on finding it, shaped the opportunity into a high-potential venture by drawing up a team and gathering the required resources to start a business that capitalized on the opportunity. In the process of starting the business, he risked his career, personal cash flow and net worth. The Timmons model bases itself on the premise that Kalin will earn rewards in commensuration with the risk and effort involved in starting or financing the business (e.g., Bygrave & Zacharakis, p. 37).
1. Apply the Timmons entrepreneurship framework (entrepreneur-opportunity-resources to analyze this case. Analyze and explain Kalin’s traits and how he gathered resources for his venture. According to the Timmons Model of Entrepreneurship the three critical factors of a successful venture are opportunities, teams, and resources (e.g., http://www.brighthub.com/office/entrepreneurs/articles/73336.aspx#imgn_0). Kalin was a successful entrepreneur because he was able to balance these critical factors. To better express this, the follow chart as been inserted: Once he identified this opportunity, he set to work putting together the necessary resources to make his business a reality. He had to find a good supplier to order large quantities of quality cheese and have it shipped to him. This also required a lot of research on the U.S. Customs Department import regulations, restrictions and fees associated with food imports. When he needed to raise the $40,000 to order the 28,000 pounds of cheese, he called all his contacts who expressed interest and encouragement in his business venture. He even called a family friend in Bulgaria to ask her to join into the business as well and to make sure his product was purchased and shipped to the U.S (e.g., Bygrave & Zacharakis, pp 39-40).
2. What business models are open to a food-product importer? What steps should Kalin take to position his company for the next phase of
References: Bygrave, W., Zacharakis, A., (2011). Entrepreneurship 2ed. John Wiley & Sons, Inc Nayab, N., (2013). Understanding the Timmons Model of Entrepreneurship. Date Retrieved June 25, 2013 http://www.brighthub.com/office/entrepreneurs/articles/73336.aspx#imgn_0 Resnick, R., (No Date). 10 Ways to Grow Your Home Based Business. Date Retrieved April 28, 2013 http://www.entrepreneur.com/article/71910 * slide 1 of 6