Dr. Jeffery Timmons was a professor at PABSON College, which are known for entrepreneurship program. In Timmons model he 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.
To be able to access and evaluate with opportunity
To be able to marshal the resources that may be available to them
The third is to be able to forms start -ups teams forming start-up team is one of the critical factors.
The entrepreneur searches for an opportunity and on finding it, the entrepreneur shapes the opportunity into a high - potential ventures by drawing up a team and gathering the required resources to start a business that capabilities on the opportunity (Hammad, 2013). The entrepreneur risk his or her career, personal cash flow and net worth in order to peruse such opportunity.
Fig (1): Diagram of Timmons Model
In a diagram of Timmons Models, it’s easier to understand. There are three key elements and they are opportunity, resources, and the team. The opportunity is foggy at beginning so over time you need to propagate in terms of when the opportunity is real one and because of the ambiguity actually cause a lots of uncertainty and risk involve. In a new ventures when you see opportunity as a founder team, actually need to create a business model/ business plan and in order to seek the resource that may be required in order to peruse opportunity (Adam. & Stephen., 2012). And the resource can be external. Leadership is a special attribute of a team. The founder will be necessary convince external stakeholder participate in this new ventures creation process. The team involve the founder the founder need to really balance the uncertainty and the risk at the same time and try to acquire financial capital from capital market. To some extent money is very important thing in entrepreneurial process. Money follows high - potential opportunities conceived of and led by a strong management team. So to have a strong team including the founder is important in terms of successful entrepreneurial activity.
In Timmons Model is starting from opportunity. In this point you may not have enough money, strategy, network, team and business plan buy you need to shape, estimate the size and depth of opportunity and establishes required shape, size and depth of resource and team. The starting point is opportunity but based on opportunity you need to find a resources and form a team. Finally, in entrepreneurship process, Dr. Jeffers Timmons believed that the entrepreneurial process was not just about creating new companies, capital and Jobs but also about forecasting " an ingenious human spirit and improving human Kind” (Adam. & Stephen., 2012).
References
Adam., & Stephen. (2012). New Venture Creation: Entrepreneurship for the 21st Century. NewYork: McGraw Hill.
Hammad, A. (2013). An analysis of Timmons’ model for the entrepreneurial process. Munich, GRIN Verlag, grin.com/document/308659.
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Dr. Jeffery Timmons was a professor at PABSON College, which are known for entrepreneurship program. In Timmons model he 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.
To be able to access and evaluate with opportunity
To be able to marshal the resources that may be available to them
The third is to be able to forms start -ups teams forming start-up team is one of the critical factors.
The entrepreneur searches for an opportunity and on finding it, the entrepreneur shapes the opportunity into a high - potential ventures by drawing up a team and gathering the required resources to start a business that capabilities on the opportunity (Hammad, 2013). The entrepreneur risk his or her career, personal cash flow and net worth in order to peruse such opportunity.
Fig (1): Diagram of Timmons Model
In a diagram of Timmons Models, it’s easier to understand. There are three key elements and they are opportunity, resources, and the team. The opportunity is foggy at beginning so over time you need to propagate in terms of when the opportunity is real one and because of the ambiguity actually cause a lots of uncertainty and risk involve. In a new ventures when you see opportunity as a founder team, actually need to create a business model/ business plan and in order to seek the resource that may be required in order to peruse opportunity (Adam. & Stephen., 2012). And the resource can be external. Leadership is a special attribute of a team. The founder will be necessary convince external stakeholder participate in this new ventures creation process. The team involve the founder the founder need to really balance the uncertainty and the risk at the same time and try to acquire financial capital from capital market. To some extent money is very important thing in entrepreneurial process. Money follows high - potential opportunities conceived of and led by a strong management team. So to have a strong team including the founder is important in terms of successful entrepreneurial activity.
In Timmons Model is starting from opportunity. In this point you may not have enough money, strategy, network, team and business plan buy you need to shape, estimate the size and depth of opportunity and establishes required shape, size and depth of resource and team. The starting point is opportunity but based on opportunity you need to find a resources and form a team. Finally, in entrepreneurship process, Dr. Jeffers Timmons believed that the entrepreneurial process was not just about creating new companies, capital and Jobs but also about forecasting " an ingenious human spirit and improving human Kind” (Adam. & Stephen., 2012).
References
Adam., & Stephen. (2012). New Venture Creation: Entrepreneurship for the 21st Century. NewYork: McGraw Hill.
Hammad, A. (2013). An analysis of Timmons’ model for the entrepreneurial process. Munich, GRIN Verlag, grin.com/document/308659.