timmons model
According to the Timmons Model of Entrepreneurship the three critical factors of a successful venture are opportunities, teams, and resources. The successful entrepreneur is one that can balance these critical factors.
Jeffery Timmons of Babson College in Massachusetts developed the Timmons Model of Entrepreneurship as his doctorate thesis at Harvard University. Further research and case studies have since then enhanced this model as a guide for entrepreneurs to increase their chances of success. The Timmons model bases itself on the entrepreneur. 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. In the process of starting the business, the entrepreneur risks his or her career, personal cash flow and net worth. The model bases itself on the premise that the entrepreneur earns rewards in commensuration with the risk and effort involved in starting or financing the business. The Opportunity Factor
The Timmons model of entrepreneurship states that entrepreneurship is opportunity driven, or that the market shapes the opportunity. A good idea is not necessarily a good business opportunity and the underlying market demand determines the potential of the idea. An idea becomes viable only when it remains anchored in products or services that create or add value to customers, and remains attractive, durable, and timely.
Unlike conventional entrepreneurship models that start with a business plan and identify an opportunity, the Timmons model starts with a market opportunity. The business plan and the financing receive secondary importance, and come only after identification of a viable opportunity. The model holds that a sound business opportunity would readily receive financing, and identification of the opportunity first makes the business plan failure-proof.
Jeffery Timmons of Babson College in Massachusetts developed the Timmons Model of Entrepreneurship as his doctorate thesis at Harvard University. Further research and case studies have since then enhanced this model as a guide for entrepreneurs to increase their chances of success. The Timmons model bases itself on the entrepreneur. 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. In the process of starting the business, the entrepreneur risks his or her career, personal cash flow and net worth. The model bases itself on the premise that the entrepreneur earns rewards in commensuration with the risk and effort involved in starting or financing the business. The Opportunity Factor
The Timmons model of entrepreneurship states that entrepreneurship is opportunity driven, or that the market shapes the opportunity. A good idea is not necessarily a good business opportunity and the underlying market demand determines the potential of the idea. An idea becomes viable only when it remains anchored in products or services that create or add value to customers, and remains attractive, durable, and timely.
Unlike conventional entrepreneurship models that start with a business plan and identify an opportunity, the Timmons model starts with a market opportunity. The business plan and the financing receive secondary importance, and come only after identification of a viable opportunity. The model holds that a sound business opportunity would readily receive financing, and identification of the opportunity first makes the business plan failure-proof.