The Entrepreneurial Process
10 important questions on The Entrepreneurial Process
A business plan has got four roles
- Analyzis tool: used internally to find strength and weaknesses, as well as opportunity & threats of org.
- communication tool: explain logic and goals of the org. to other parties
- Increase netrepreneurs commitment to realisation of the project
- Blueprint: detailed guide to action
Locus of discovery vs. exploitation
- Disc. is independent & Expl. is independent: Independent start-up
- Disc. is corporate & expl. is independent: spin-off
- Disc is indpendent & expl is corporate: acquisition
- Disc is corporate & expl is corporate: corporate ventury
Business ideas are result of 3 search processes
- Pro-active search: look for new opportunity because you want to
- Reactive search: because you have to (unemployed etc.)
- Fortuitous discovery: discovered by coincidence
- Higher grades + faster learning
- Never study anything twice
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Small Business Owner vs. Entrepreneur
- Establish business for personal goals
- Business is primary source of income and time
- Owner perceives business as an extension of his own personality
- Establish business for profit & growth
- Characterized by innovative behaviour
Discovery and exploitation are seperable. An opportunity is a precondition for discovery, which is a precondition for exploitation.
Three situations can cause a lack of balance between the two
- When to much emphasis on discovery, no value will be created
- When to much emphasis on exploitation, not enough value because risk that founders have not tuned customer needs
- When try to appropriate all value created by product, rather then sharing benefits with customer
Small Business vs. Entrepreneurial Venture
- Any business that is independently owned
- Not dominant in field
- Doesn't engage any new marketing activities
- Goals are profit & growth
- Characterized by innovative strategy
3 types of venture ideas
- Opportunity recognition: low uncertainty, because sources of supply & demand exist obviously
- Opportunity discovery: medium uncertainty, only one side exist obviously
- Opportunity creation: highest uncertainty, neither exist obviously
Discovery vs. Exploitation (in entrepreneurial process)
- Used for the idea side of business development
- Developing business idea, and uitwerking hiervan (creation of individuals)
- activities to realize the idea, evolve over time
There could be tension between structural/planned (shane & kloften) vs. emerging/chaotic situations.
Thats why Sarasvathy came with an alternative entrepreneurial logic
- Effectuation: this process take a set of means as given and focus on selecting between possible effects that can be created with that set of means.
2 models of entrepreneurial process
- Shane: its a process of setting up a new business resulting in new market offer
- Kloften: at least a minimum amount of cornerstones must be reached (few may not help if others are underdeveloped)
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
