Millie

The entrepreneurial process

In Entrepreneurial Leadership on February 2, 2010 at 5:33 pm

I like the fact that Bolton and Thompson’s definition of an entrepreneur is based on actions and behaviors that are clearly observable and tangible.  It focuses on what entrepreneurs do in terms of actions and how these actions fit in an entrepreneurial process with 10 steps. 

A process is a systematic series of actions directed to achieve an end; it is a continuous action, operation or series of changes taking place in a definite manner. Therefore, a process can be replicated.  The starting point of the process is the entrepreneur as (1) an individual motivated to make a significant difference, transforming ideas into something that works, initiating change and enjoying it.  This motivation coupled with the (2) entrepreneur’s creativity and innovation helps the entrepreneur (3) see, create and leverage opportunities and overcome challenges by (4) finding the required resources, (5) building and using networks extensively, (6) showing determination in the face of adversity and (7) understanding, taking and managing risk.  With these actions the entrepreneur builds a growing, successful enterprise where (8) the business is controlled paying attention to details and monitoring key indicators, and (9) the customers are put first, listening to them and being able and willing to respond to what they hear from customers.  The final result is the entrepreneur’s recognition by the (10) creation of value expressed in financial, social or aesthetic capital terms, which is in line with their motivation to make a difference, the starting point of the process.

Through this entrepreneurial process, the entrepreneur’s internal intellectual and emotional capital generates external financial, social and/or aesthetic capital.  The intellectual and emotional capital of the entrepreneur relates to the entrepreneur’s talents (abilities, strengths) and temperament (needs and drives).   While a process is replicable, it is the entrepreneur’s internal intellectual and emotional capital the key to generate the desired results.  Therefore, the talent and temperament of the entrepreneur are fundamental for entrepreneurial success.  

Tell me of an instance where you or someone you know followed many if not all of the steps of the entrepreneurial process?

What were the outcomes?

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