Reference no: EM131465760

Discuss how the public availability of the Internet drove innovation in the 1990s. Give at least one example each of a company or industry that benefited and one that was damaged by the advent of the Internet.

Discuss the three aspects of the Timmons' framework and how it can be used to analyze what is needed to improve the likelihood of success for a new venture.

Enterprises engage in business modeling as part of strategy development. Discuss the two major parts of the business model and how they are related.

Discuss the limitations of market research for revolutionary new products.

Discuss pre-funding compensation of the founding team, in particular the benefits and issues regarding the use of equity to attract and retain the founding team.

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According to the Timmons Model of Entrepreneurship the three critical factors of a successful venture are opportunities, teams, and resources. The successful entrepreneur is one that can balance these critical factors.

Jeffery Timmons of Babson College in Massachusetts developed the Timmons Model of Entrepreneurship as his doctorate thesis at Harvard University. Further research and case studies have since then enhanced this model as a guide for entrepreneurs to increase their chances of success.

The Timmons model bases itself on the entrepreneur. The entrepreneur searches for an opportunity, and on finding it, shapes the opportunity into a high-potential venture by drawing up a team and gathering the required resources to start a business that capitalizes on the opportunity. In the process of starting the business, the entrepreneur risks his or her career, personal cash flow and net worth. The model bases itself on the premise that the entrepreneur earns rewards in commensuration with the risk and effort involved in starting or financing the business.

The Opportunity Factor

The Timmons model of entrepreneurship states that entrepreneurship is opportunity driven, or that the market shapes the opportunity. A good idea is not necessarily a good business opportunity and the underlying market demand determines the potential of the idea. An idea becomes viable only when it remains anchored in products or services that create or add value to customers, and remains attractive, durable, and timely.

Unlike conventional entrepreneurship models that start with a business plan and identify an opportunity, the Timmons model starts with a market opportunity. The business plan and the financing receive secondary importance, and come only after identification of a viable opportunity. The model holds that a sound business opportunity would readily receive financing, and identification of the opportunity first makes the business plan failure-proof.

The Team Factor

Once the entrepreneur identifies an opportunity, he or she works to start a business by putting together the team and gathering the required resources. The size and nature of the opportunity determines the size and shape of the team.

The Timmons model places special importance on the team and considers a good team indispensable for success. A bad team can waste a great idea. Among all resources, only a good team can unlock a higher potential with any opportunity and manage the pressure related to growth.

The two major roles of the team, relative to the other critical factors are:

Removing the ambiguity and uncertainty of the opportunity by applying creativity.

Providing leadership to manage the available resources in the most effective manner by interacting with exogenous forces and the capital market context that keeps changing constantly.

The Timmons model holds the entrepreneur's ability to conjure up a great team as a major factor of business success. Great teams, however, always remain scarce and the responsibility is on the entrepreneur to coach team members to excel.

The marketing concept and philosophy is one of the simplest ideas in marketing, and at the same time, it is also one of the most important marketing philosophies. At its very core are the customer and his or her satisfaction. The marketing concept and philosophy states that the organization should strive to satisfy its customers' wants and needs while meeting the organization's goals. In simple terms, "the customer is king".

The implication of the marketing concept is very important for management. It is not something that the marketing department administers, nor is it the sole domain of the marketing department. Rather, it is adopted by the entire organization. From top management to the lowest levels and across all departments of the organization, it is a philosophy or way of doing business. The customers' needs, wants, and satisfaction should always be foremost in every manager and employees' mind. Wal-Mart's motto of "satisfaction guaranteed" is an example of the marketing concept. Whether the Wal-Mart employee is an accountant or a cashier, the customer is always first.

As simple as the philosophy sounds, the concept is not very old in the evolution of marketing thought. However, it is at the end of a succession of business philosophies that cover centuries. To gain a better understanding of the thought leading to the marketing concept, the history and evolution of the marketing concept and philosophy are examined first. Next, the marketing concept and philosophy and some misconceptions about it are discussed.

EVOLUTION OF THE MARKETING

CONCEPT AND PHILOSOPHY

The marketing concept and philosophy evolved as the last of three major philosophies of marketing. These three philosophies are the product, selling, and marketing philosophies. Even though each philosophy has a particular time when it was dominant, a philosophy did not die with the end of its era of dominance. In fact, all three philosophies are being used today."