Coming
to the million dollar question (literally): What are the traits required to be
an entrepreneur and what factors affect the setting of a business? The answers
to this can be incorporated in a ‘Fundamentals
of Entrepreneurship’ model, which explains the entrepreneurial setting and
process. This double loop model explains the ‘float’ intangible and ‘fixed’ tangible
concepts of a business setting that are interlinked and interdependent.
The outer loop
i.e. the floating intangible loop forms the crux and the base of a business
building process. Ideas, Capabilities, Networking
and Marketing can take any form and whittle in changing moulds as per the
varying external factors such as technological, political or social environment
but these four components stay interconnected and operate in synchronization.
The inner coil or the fixed tangible elements form the support system for the
crux of the model. The Management squad,
Funding (finances), Systems and Operation need to be sound and set in place.
The fixed loop needs to be sturdy and stable to be able to reliably bolster the
crux. Both the loops complement each other and cannot work in isolation. The
model is supported on the 4-stanchions
that directly impact the float loop which further affects the fixed loop. The 4-stanchions guide the movement in the
loop and provide with direction to move ahead with a course of action. This Fundamentals of Entrepreneurship (FOE)
model is a simple framework of elements that display the interconnection of the
participative blocks in the game and how a what affects another what. It also
forms the basis of explanation of an entrepreneur’s establishment and growth
over the duration of time.
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