Case Study R&R
1) Is the Timmons model useful for entrepreneurs or do you think it is too theoretical to be practical? Provide your reasons.
The Timmons model considers opportunity, team, and resources as the most important factors an entrepreneur has to deal with in order to succeed in a new business. As far as I am concerned, the Timmons model is useful for entrepreneurs. It deals with logical notions that aim to improve in a very smart way the creation of a business.
First, the Timmons model starts with a market opportunity. Here, the demand determines the potential of an idea. In other words, the opportunity is not only a good idea, it is an idea that will reach costumers’ demands and expectations, and selling its products or services is the goal of any entrepreneur. It needs creativity to get into the market with a real new and good idea.
Then, the entrepreneur has to put together the team and the resources. As far as I am concerned, a good team is indispensable for success. It cannot be denied that a bas team can ruin a great idea, and only a good team can get a higher potential with any opportunity. How to deal with the team is also very important, and a good relationship between team members is very important. If you can count on your team and that you know your team will do the best for you, it will improve the quality of the business. A good team depends on the leadership of the entrepreneur and on how he chooses the team members.
Finally, resources are treated in a different way they usually are in other business models. In fact, the Timmons model focuses on the fact that a great amount of ressources is not necessarily reducing the risk of starting a venture. On the contrary, less ressources can improve the creativity of the use of resources and allow to achieve more with a limited amount of money. The use of a good communication is indispensible to succeed in this step.
To conclude, the Timmons model deals with concrete notions...
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