Entrepreneurial Process

Heterogeneity influences each step

Individual Individual Individual

Venture Venture Venture

Environment Environment Environment

Process of emergence
is an iterative, nonlinear, feedback driven,
conceptual, and physical process

(Bhave, 1994)
 Stages:

Stage-I: Conceptualizing

Stage-II: Institutionalizing

Stage-III: Trust Building

Stage-IV: Refining the Model

Stage-V: Scaling
 Stage-I: Conceptualizing

Contextual
Personality Factors
Socio-psychological dynamics Factors
affecting at each Outcome
involved at different stages affecting at
stage
each stage
Analytical exposure & Intervention
- Personal
experience of by other
sensitivity Recognition of
problem not adequately stakeholders
- values/mindset gap
addressed Market
- Drive
Dissatisfaction with status quo failure
- Insightfulness
Framing: - Innovativeness Transformative
Redefining the problem - Motive Ambition
- Personality
 Stage-I: Conceptualizing

Personality Contextual
Socio-psychological
Factors Factors
dynamics involved at Outcome
affecting at affecting at
different stages
each stage each stage
Information Gathering:
Identifying target Availability of
Clarity of
customers/beneficiaries, - Observation primary/
Problem /
clients, actors with - Local secondary
Expected
critical knowledge or knowledge informatio
change
resources, change n
agents
 Stage-I: Conceptualizing
Contextual
Socio-psychological Personality
Factors
dynamics involved at Factors affecting Outcome
affecting at
different stages at each stage
each stage

Counterfactual thinking:
- tendency to create possible
alternatives to life events that
are contrary to what actually
- Innovativeness Availability Crude
happened.
It consist of the "What if?" and - Foresight for of Idea of a
the "If I had only..." future of Reference probable
- Selecting the activity enterprise models solution
set
- How to engage the
target constituencies
 Stage-I: Conceptualizing
Socio-psychological Personality Contextual
dynamics at different Factors at each Factors at Outcome
stages stage each stage
Preliminary Validation
of the Presence of Refined and
hypothesized mentors validated Idea
solutions

Propositional
- Formal
Model
Hypothetical testing training Presence of
Understanding
the concept/model: - High self mentors
of potential
belief
concerns
 Stage-I: Conceptualizing

Socio-psychological dynamics at Personality Factors

Outcome
different stages at each stage
- Innovativeness Innovative
Integrative Thinking leading to
- Entrepreneurial ness
innovative solutions: Preliminary
orientation of the
Concept/ Model/ Hypothesized
- Local Knowledge model/
Product/service unit for initial
- Collaborative concept/
implementation
approach solution
 Stage-I: Conceptualizing

Personality Contextual
Socio-psychological
Factors at each Factors at each Outcome
dynamics at different stages
stage stage
Feasibility Analysis:
-Whether its possible?
-Whether I can do it? Opportunity
-Whether it is sustainable? evaluation
-What means are available? . Bases for
-Who could be the resource sustainability
providers and sources of of enterprise
financing?
-Do I really want to do it?
 Stage-II: Institutionalizing
Socio-psychological Personality Factors
Outcome
dynamics at different stages at each stage

- Mission/
Organizational scope
- Defining scope of - Motive
- Core values
enterprise - Personality
- Organizational
- Setting up the milestones - Values
identity
for the achievement of - Entrepreneurial
- Operating model
objective commitment
- Desired impact with
- Goal of doing something - Ability to
timelines
concretely measurable foresee
- Foundation for
- Developing the strategy consequences
legitimacy/
credibility
 Stage-II: Institutionalizing

Socio-psychological Personality
dynamics at different Factors at each Outcome
stages stage
Formalizing the core team
and the organizational
set-up on the basis of the
- Establishment of
needs to be addressed - Egoism:
formal organization
- identity and
- Creation of
Individuals come together, passion
registered entity
pool their resources for
the achievement of the
objective
 Stage-II: Institutionalizing

Socio-psychological Personality Contextual Factors

Outcome
dynamics at Factors at at each stage
different stages each stage
- Availability of
resource
- Networking
Acquisition of - Heterogeneous
ability Creation of
necessary resources resource
- Capacity to infrastructure
and assets providers
improvise
- Collaborative
ventures
Establishing - Networking Managing the
Alliances ability contingencies
 Stage-II: Institutionalizing

Socio-psychological
Personality Factors Outcome
dynamics at different
at each stage
stages
- Personal - Determination of
motivation credibility
Launching a low cost
- Engagement with - Determination of
pilot protoplan:
the cause what will work
- Leadership skills and what will not
 Stage-III: Trust Building

Socio-psychological Contextual
Personality Factors
dynamics at different Factors at Outcome
at each stage
stages each stage
- Important
- Motives
- Demonstrating influence as
- Intention
positive outcome Godfather
- Networking ability
- Engaging the - Aligned
- Ability to harness
stakeholders community
popular support
leader(s)
 Stage-IV: Refining the Model

Socio-psychological Personality Factors Outcome

dynamics at this stages at each stage
- Learning from meaningful
Revisiting and updating
experimentation
the plausible outcomes
- Building on - Determination of what will work
expeditiously and
experiential - Gradually moving from high
continuously
learning order uncertainty to probable
Re-hypothesizing the
- Goal of doing and manageable risk
business model by
something - Developing unique value
experimenting with as
concretely proposition
many strategies as
measurable - Emergence of final business unit,
possible with the given
revenue & profit drivers
limited means
- Scalable Venture
 Stage-V: Scaling

Impact

Partnership & Alliances

Replication

Franchising

Branching