The Timmons Model is based on three major driving forces - opportunity, the entrepreneur and the entrepreneurial team (or just team), and the resources required to capitalize on the opportunities. The likeliness of the performance of the business is higher if the business fits into most of those driving forces (Bhave, 1994). One’s perception and knowledge change with time. This is why someone who has recently started on the journey of entrepreneurship often cycles through those stages multiple times to have the best fit for their business. However, ones versed in the world of entrepreneurship with their experience, gut feeling and the ability to analyze patterns and trends guide themselves through those processes much quicker.
The process starts with the opportunity and not the money, business plan, networks, or anything else. The identification of opportunity is key as per Timmons Model (Ardichvili & Cardozo, 2000). This is because more than the entrepreneur and his/her team, the opportunity holds the key to drive the business to be a long-term success. The team is vital as well in the process and is thus responsible to remove the uncertainty and ambiguity with the use of creativity for the opportunity.
The other core component of the process is the resources. Timmons have a different take to the standard notion that extensive research is required to reduce the risk factor before venturing in into any business. He, however, voices that if anyone indents to gain that competitive advantage, one has to start with minimal research or bootstrap. This process helps to bring the cost down, install discipline within the team, and encourage creative solutions within limited resources. The concept of minimizing and control is more prominent with this approach rather than maximize and own. This approach helps the leader to gauge upon the ability of his/her team, have a strong base and start formulating a business plan using fit and balance method. All these by balancing the potential of the team, opportunity that is available, and resources at hand.
Once the entrepreneur has the right opportunity and resources, the team shouldn’t be forgotten. It is equally crucial to ensure success. An effective entrepreneur should be able to bring together the brightest mind together (Zeng, Bu & Su, 2011). The team should be built around the opportunity and the requirement to accomplish it. So, the member’s skill, mentality, and size should be guided by the opportunity. As per Timmons, a bad team can be a huge disaster and no matter how good an idea is to make it a waste. However, a good team can convert a good opportunity to a successful business. Thus, a good team can sustain the pressure while also growing the business.
Thus, the three forces as highlighted in Timmons Model doesn’t exist in a vacuum. They have an environment around it in which dynamism, change, uncertainty, chaos, imperfect information, symmetries of information, and missing information all have a playing field. So, based on this model, entrepreneurship can be said to be a dynamic process comprising of three main components (opportunity, team, and resources) which drive the entrepreneur process. If an entrepreneur can effectively balance all those components, the likelihood of success is a lot higher. And, on the contrary, if the balance isn’t proper, a business might even crumble.
References
Ardichvili, A., & Cardozo, R. (2000). A Model of the Entrepreneurial Opportunity Recognition Process. Journal Of Enterprising Culture , 08 (02), 103-119.
Bhave, M. (1994). A process model of entrepreneurial venture creation. Journal Of Business Venturing , 9 (3), 223-242.
Zeng, F., Bu, X., & Su, L. (2011). Study on entrepreneurial process model for SIFE student team based on Timmons model. Journal Of Chinese Entrepreneurship , 3 (3), 204-214.
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The Timmons Model is based on three major driving forces - opportunity, the entrepreneur and the entrepreneurial team (or just team), and the resources required to capitalize on the opportunities. The likeliness of the performance of the business is higher if the business fits into most of those driving forces (Bhave, 1994). One’s perception and knowledge change with time. This is why someone who has recently started on the journey of entrepreneurship often cycles through those stages multiple times to have the best fit for their business. However, ones versed in the world of entrepreneurship with their experience, gut feeling and the ability to analyze patterns and trends guide themselves through those processes much quicker.
The process starts with the opportunity and not the money, business plan, networks, or anything else. The identification of opportunity is key as per Timmons Model (Ardichvili & Cardozo, 2000). This is because more than the entrepreneur and his/her team, the opportunity holds the key to drive the business to be a long-term success. The team is vital as well in the process and is thus responsible to remove the uncertainty and ambiguity with the use of creativity for the opportunity.
The other core component of the process is the resources. Timmons have a different take to the standard notion that extensive research is required to reduce the risk factor before venturing in into any business. He, however, voices that if anyone indents to gain that competitive advantage, one has to start with minimal research or bootstrap. This process helps to bring the cost down, install discipline within the team, and encourage creative solutions within limited resources. The concept of minimizing and control is more prominent with this approach rather than maximize and own. This approach helps the leader to gauge upon the ability of his/her team, have a strong base and start formulating a business plan using fit and balance method. All these by balancing the potential of the team, opportunity that is available, and resources at hand.
Once the entrepreneur has the right opportunity and resources, the team shouldn’t be forgotten. It is equally crucial to ensure success. An effective entrepreneur should be able to bring together the brightest mind together (Zeng, Bu & Su, 2011). The team should be built around the opportunity and the requirement to accomplish it. So, the member’s skill, mentality, and size should be guided by the opportunity. As per Timmons, a bad team can be a huge disaster and no matter how good an idea is to make it a waste. However, a good team can convert a good opportunity to a successful business. Thus, a good team can sustain the pressure while also growing the business.
Thus, the three forces as highlighted in Timmons Model doesn’t exist in a vacuum. They have an environment around it in which dynamism, change, uncertainty, chaos, imperfect information, symmetries of information, and missing information all have a playing field. So, based on this model, entrepreneurship can be said to be a dynamic process comprising of three main components (opportunity, team, and resources) which drive the entrepreneur process. If an entrepreneur can effectively balance all those components, the likelihood of success is a lot higher. And, on the contrary, if the balance isn’t proper, a business might even crumble.
References
Ardichvili, A., & Cardozo, R. (2000). A Model of the Entrepreneurial Opportunity Recognition Process. Journal Of Enterprising Culture , 08 (02), 103-119.
Bhave, M. (1994). A process model of entrepreneurial venture creation. Journal Of Business Venturing , 9 (3), 223-242.
Zeng, F., Bu, X., & Su, L. (2011). Study on entrepreneurial process model for SIFE student team based on Timmons model. Journal Of Chinese Entrepreneurship , 3 (3), 204-214.