The Timmons Model of Entrepreneurship

Introduction

The Timmons Model of Entrepreneurship considers opportunities, teams, and resources as the three critical factors available to an entrepreneur and holds that success depends on the ability of the entrepreneur to balance these critical factors. The entrepreneur searches for an opportunity, and on finding it, shapes the opportunity into a high-potential venture by drawing up a team and gathering the required resources to start a business that capitalizes on the opportunity. the entrepreneur risks his or her career, personal cash flow and net worth. The process starts with opportunity, not money, not strategy, not networks, not the team, not the business plan. Most genuine opportunities are much bigger than either the talent and capacity of the team or the resources available to the team at the outset. The business plan provides the language and code for communicating the quality of the three driving forces and of their fit and balance. The components of the Timmons model are in constant motion, expanding and contracting as the environment and opportunity change. We begin with an overview of entrepreneurship as process followed by a description of each component in the Timmons model. Teaching entrepreneurship as a rigorous course of study demands the conversion of scholarly research into applied frameworks that can be understood at all levels of education and application. Entrepreneurship education seeks to minimize the risk of venture failure when exploiting new opportunities in the marketplace and the Timmons model reflects the delicate balance of opportunities, resources, and entrepreneurs responsible for execution.

Literature review and critical analysis
Timmons model dictates that the entrepreneurial process does not start with business plan, money, strategy, networks or team. The Timmons model believes strongly that entrepreneurship is nothing but opportunity driven. Opportunities are more essential than the talent or