Every time I tried to write something though, I’m so lazy and didn’t write. In this time, I would like to introduce the “Timmons Model” which is fundamental entrepreneur process. Actually it is much better I write with some diagram to understand though sorry for inconvenient.
The Timmons Model is at the heart of spotting and building the higher-potential venture and understanding its three driving forces; opportunity, the team, and resources. The concept of fit and balance is crucial.
First, at the heart of the process is the opportunity.
l Good idea is not necessarily a good opportunity.
l In the past, entrepreneurs started business. Today they invent new business model which creates huge opportunities
Second, resource is important though thinking money first is a big mistake.
l Think cash last.
l Minimize and control versus maximize and own.
Finally, team is key ingredient in the higher-potential business.
l An entrepreneurial leader
l Quality of the team
I just picked key points up from “New Venture Creation, Jeffry A. Timmons, 2009” and wrote these here randomly. These are really helpful when ppl start venture business and even in the mid of start-up to do a feedback.