Monday, 29 July 2013

The Elements of the Entrepreneurial Process and an Entrepreneurship Model



Timmons and Spinelli (2007) maintain that despite the great variety of businesses, entrepreneurs and technologies there are central themes that can be identified in the entrepreneurial process. Rwigema and Venter (2004),
say that entrepreneurship rests on the shoulders of an individual who orchestrates three independent variables namely: opportunity, resources and an appropriate team. Timmons and Spinelli (2007) identify the following central themes in the entrepreneurial process:
-      An opportunity;
-      A lead entrepreneur and an entrepreneurial team;
-      Resources and creativity;
-      That there is a fit and balance amongst above mentioned elements;
-      That the process is integrated and holistic; and
-      That the process is sustainable.
Rwigema and Venter (2004) in their rendition also make mention of a business plan and an appropriate structure as elements of the entrepreneurial process. The above mentioned elements are the controllable components of the entrepreneurial process that can be assessed, influenced and altered. The interdependence of these elements is illustrated by the Timmons model of entrepreneurial process.

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