Morris, M.H., D.F. Kuratko and M. Schindehutte (2001), Towards Integration: Understanding Entrepreneurship Through Frameworks
24 important questions on Morris, M.H., D.F. Kuratko and M. Schindehutte (2001), Towards Integration: Understanding Entrepreneurship Through Frameworks
What is the purpose of this paper?
How is integration provided?
How can a framework be defined?
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What does the framework provide for the manager?
What are the six key variables of this framework?
- The process
- The entrepreneur
- The environment
- The business concept
- The resources
- The organizational context
Why does entrepreneurship entail a process?
Why are entrepreneurial events easier to understand and more likely to achieve better results when approached as a process?
- Entrepreneurial effort can be broken down into specific stages, or steps. Although these stages will tend to overlap, and one may periodically have to revisit an earlier stage, they tend to evolve in a logical progression.
- Entrepreneurship is not some chance event pursued only by a selected few, but becomes a manageable event that can be pursued by anyone.
- The entrepreneurial process can be applied in any organizational context, from the start-up venture to the established corporation to the public enterprise. Processes are sustainable, meaning that entrepreneurship can be ongoing or continuous at the individual or organizational levels.
Which six stages does the framework of entrepreneurial process consist of?
- Identify an opportunity
- Develop the concept
- Determine the required resources
- Acquire the necessary resources
- Implement and manage
- Harvest the venture
What is the ideation phase?
- Identify an opportunity
- Develop the concept
What is the implementation phase?
- Determine the required resources
- Acquire the necessary resources
- Implement and manage
- Harvest the venture
Which four types of entrepreneurs are distinguished?
- Personal achievers: Those who focus on bold moves and are achievement motivated
- 'Super' sales people: Those who build ventures around salesmanship and networking
- Expert Idea generators: Those who focus on invention and innovation
- Real managers: Those who are power-motivated and have a desire to lead
Expert Idea generators
- Build venture around new products
- Involved with high-tech companies
- Desire to innovate
- Intelligence as source of competitive advantage
What does the entrepreneurs model of the venture include? Three models:
- Income model (standard of living)
- Growth model (realize captial gains in long term)
- Speculative model (short term)
What makes a good opportunity? Four sets of issues
- Market issues (the need, size of market, growth rate, industry structure)
- Economic/harvest issues (break even, ROI, exit mechanisms)
- Competitive advantage issues (cost structure, price control, power of suppliers, distributors, ease of differentiation, barriers to entry)
- Other issues
What does the business concept represent?
The economics of the venture. Which four considerations are there to form an indicator of industry attractiveness?
- The entrepreneur assesses the cost structure of the business to determine whether operating leverage, or the proportion of total costs that are fixed, is high, medium or low.
- Average contribution margins on products and services are estimated to determine whether they are high, medium or low
- Volumes are characterized as high, medium or low
- The product/service mix is evaluate to determine whether margins and volumes are fairly standardized across the product/service mix, or whether there is room for creativity, especially in terms of value-added services with potentially higher margins.
What are the four strategies entering a market? (see framework in table 5)
- Start a new business around a truly new product/service
- Mimic a competitor's offering
- Obtain a franchise
- Acquire a going concern
What is the challenge in obtaining resources?
- Determine the nature of the required resources
- Find creative ways of obtaining these resources
The PROFIT framework (table 6)
- Physical (buildings/equipment)
- Relational (cusotmers, networks)
- Organizational (structures, systems)
- Financial (cash, debt capacity)
- Intellectual and human (sales capabilities, R&D skills)
- Technological (patents, licenses, access to particular technologies)
Determining appropriate financing, how?
- Starting point: characterize the entrepreneur and venture along key criteria.
- Some criteria that have implications for finance include amount of control that the entrepreneur must have, the riskiness of venture, the amount of money needed, the upside potential of the venture, how quickly that potential is reached, the type of industry and technology involved with the venture, and the bargaining positions of the entrepreneur and the prospective financier.
- Then identify all the possible sources of finance and rate the possible sources of finance along each criterion along each continuum.
- Result is best sources of finance.
What type of organizational context does entrepreneurship require?
Which type of ventures are distinguished?
- Size
- Growh orientation
What growth orientation
- Marginal
- Lifestyle
- Successful
- High growth
Managing through the stages of venture growth: which two perspectives are identified?
- The small business achieves a level of success and then disengages or adopts a 'maintenance' approach
- It achieves a level of success whereupon the entrepreneur emphasizes continued reinvestment and expansion until the business realizes a take-off point at which dramatic growth occurs
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