Essay Example on An organization must have what it takes to quickly Response

In the current business competition despite in any fields that the business is focused it needs to have an agile ability to survive the harsh rivalry An organization must have what it takes to quickly response every changing dynamic and also synergize with the latest business and social climate Realedgy aims to be such organization which is able to see the advantage amongst the phenomenon which happened and shifts that phenomenon into opportunities that could significantly impact the organization s performance in the current and also the future time Figure 14 is the conceptual framework which is the layout of the key factors constructs or variables in research and presume relationship amongst them Miles Huberman 1994 2 1 Research Methodology Choosing the right research methodology is really vital in order the research to be successful 

For this research there are several methodologies that will be used as follow 1 Literature review through books and also academic journal to provide more theories in order to answer the research questions and achieved the research objective Other secondary data to obtain are also from reports made by the government and other important organizations 2 This is an action qualitative research where the researcher will actively record the progress of each step during the new product development process by using several tools needed like Timmons model for the opportunity analysis Aaker s and PESTLE for market analysis Mind Mapping and the last is design thinking for the new product development process 2 2 The Business Opportunity Analysis When one decided to become an entrepreneur one usually starts from an idea for the business then they will try to transform the idea into the business 

This is the simple explanation of the entrepreneurial process is Baringer 2010 then explains that flow chart of the entrepreneurial process begins with a person's decision to become an entrepreneur After making the decision an entrepreneur must successfully develop his or her business idea through an opportunity recognition analyses their feasibility develop a business plan analyses the industry and competition and then develop an effective business model If one neglecting those steps it may damage the possibility to create a successful business venture In 2010 Baringer proposed a flowchart of an entrepreneurial process as follow Figure 15 Entrepreneurial Process Baringer 2010 Source Pearson Education publishing as Prentice Hall By definition Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control Stevenson Jarillo 1990 Fred Wilson 2010 a venture capitalist said that entrepreneurship is the art of turning an idea into a business The stand out keywords from the two definitions above is an idea and also an opportunity where turning an idea recognizing an opportunity and turning it into a business is a part of an entrepreneurial process Entrepreneur process is a process that encompasses the starting point of a business venture which starts from having a business idea until transforming it into a successful business venture It consists of several stages which give a guide for an entrepreneur since it also serves as the big picture of every aspect needed for converting that promising business idea into a thriving business entity 

But at this current time having only what is considered as a good business idea is not necessarily enough to consider starting a business and ensuring that the business would be successful Timmons 2003 also states that there are three major factors in entrepreneurship model as it can see from the figure below Figure 16 Timmons model of entrepreneurship 2012 Source New Venture Creation 9th Edition From the figure above it could be seen that these three factors are the most critical in order to have a successful business on the run In the newest edition of New Venture creation the co author of the late Dr Jeffry A Timmons Stephen Spinelli Jr and Robert J Adams Jr also keeps the same emphasizes that the model proposed by Timmons is showing about the company building process including the strategic and management implications of striving to achieve balance and the inevitable fragility of the process 

Much further both also states that the process can be appreciated as a constant balancing act requiring continual assessment revised strategies and tactics and an experimental approach By addressing the types of questions necessary to shape the opportunity the resources and the team the founder begins to mold the idea into an opportunity and the opportunity into a business just as you would mold clay from a shapeless form into a piece of art Spinelli and Adams 2012 The successful entrepreneur is one that able to balance out these three Nayab 2013 This Timmons model itself basing its model on the entrepreneur who does the business The entrepreneur will seek an opportunity shape it into a high potential venture by gathering a qualified team in order to make that business successful In this research Timmons model of entrepreneurship will be used to study on Realedgy