1. Timmons Model of Entrepreneurial Process
The Timmons model was developed by Jeffery Timmons to help entrepreneurs improve their odds of success. The model centres on that the entrepreneurship is opportunity driven. According to this model, first of all, it is the entrepreneur, who is the driving factor in launching a new company. Within the three components, the process starts with a market opportunity, where the size and type of opportunity will define the team and resources. [pic]
a. The Entrepreneur: Kalin Pentchev
Kalin Pentchev is
- Creative: Online sales for his products in 2001 when internet shopping was relatively uncommon - Dedicated: Single-mindedly manages the business on his own - Strong-willed: Refuses to give up
- Optimistic: Strong belief in himself and his ideas
- Resourceful: Networking and research skills
- Risk-taker: Used his own finances to back up Malincho
Kalin took the opportunity to import from Bulgaria to satisfy the demand of the Bulgarian community in the U.S. thereby filling a gap.
c. The Team
Kalin as a self-starting entrepreneur conceived Malincho without any employees. He was resourceful and used his networking skills to design his website and to get his US regulatory paperwork done by the women at the counter.
- Kalin started out with very little cash yet borrowed from friends and family. - Used his own car rather than purchasing a van.
- Worked from his own home thereby saving rent payments. 2. Malincho Steps For Early Stage Growth
• Raise capital
- Connect 4 has identified the key strategy for early stage growth for Malincho is to raise capital to expand given their current situation is lack of funds, the critical debt situation and team resources.
• In order to approach potential investors Kalin would be required to produce a comprehensive and thorough business plan....