Entrepreneurship and Innovation Management PDF

Entrepreneurship and Innovation
Management
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Table of Contents
Introduction.................................................................................................................................................2
John Mullin’s lifecycle................................................................................................................................2
Analysis of its Experiences..........................................................................................................................2
Stages of Entrepreneurial lifecycle..............................................................................................................3
Concepts of identification and assessment of business opportunities..........................................................5
The concepts, frameworks and tools for turning ideas.................................................................................5
Effectuation and stages for funding a start-up.............................................................................................6
Conclusion...................................................................................................................................................6
References...................................................................................................................................................8

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Introduction
The paper reflects upon the lifecycle of John Mullins a successful entrepreneur. It will analyze
the experiences of the entrepreneur related to the concepts given in the course. It will also
discuss the stages of entrepreneurial lifecycle that is based on the business model. It focuses
towards providing the concepts of identification and assessment of business opportunities. The
paper presents the concepts, frameworks and tools that turns the ideas into services or products
that measures the response of the customers. It aims to discuss the concepts of effectuation and
the stages for funding a start-up a business.
John Mullin’s lifecycle
John Mullins is known to be the most familiar figure as he the member of the world’s leading
communities of entrepreneurs. He is an Associate Professor of Management and has some great
fame as the member of Young Presidents Organizations (YPO), The Indus Entrepreneur (TiE),
and Entrepreneurs’ Organization (EO). He is written some books which are widely famous,
Getting to Plan B and the newest one, The Customer- Founded Business (Lee, Hallak and
Sardeshmukh, 2016). All these books work on assessing opportunities and on business models,
John is also known to a famous speaker and educator worldwide. His research has won national
and International awards from the American marketing association and the Marketing Science
Institute.
Analysis of its Experiences
John Mullin is highly given the interaction on the matter relating to market segments like
starting, financing and how to grow a fast entrepreneurial company. These entrepreneur related
topics were famous throughout the whole world. He contributed an important part of the world's
economic development. As the researchers say, entrepreneur companies ‘stay long and are the
driver for job growth everywhere, John loves to help and unlock entrepreneurial potential and
it’s financing (Dees, 2017). John Mullin’s as an entrepreneur and professor at London Business
School, developed the Seven Domains Model as published in his book “The Business Road
Test”.

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The idea was especially for the entrepreneurs who are especially interested in starting new
businesses. Anyone can use this model within his organization to decide whether to launch a new
product or to purchase a new product.
The seven domains of John's Mullin were:
 Market domain at the macro level: Market attractiveness
 Market domain at the micro level: Attractiveness and Sector benefits
 Industry domain at the macro level: Industry Attractiveness
 industry domain at the micro level: sustainable advantages
 Team domain: Mission, Aspiration, and Propensity in sense of Risk
 Team domain: Ability to work on critical success factor
 Team domain: Connectivity across the value chain
John Mullin says if anyone on the early stage of the business the best way to finance the
business is their customers' fund, and this course provides the toolkit to make it happen.
The opportunities are not static, they can be shaped in many ways whereas potential fatal flaws
are fixable, make the targets according to the market range and the offer can be adapted if the
market needs (Linton and Solomon, 2017).
According to John Muller test drive your entrepreneur dream before launching your lean startup
if the test drive will be successful, so let starts the journey.
Stages of Entrepreneurial lifecycle
Every business has a life cycle which is similar to a person each stage brings have its own
characteristics and different challenges to move on the next stage. Every stage has important
phases of evolution and development from the beginning to peak performance.
Scalable startup: Within the stage of the initial phase in the entrepreneur’s life cycle is filled
with full of emotions from excitement to fear and uncertainty (Kuratko, Hornsby and Hayton,
2015). Sometime it will not clear that how the organization or the business is going, but there is
a natural drive to start something which does not exist while taking every single step, seeking
the business the world and also creating opportunities for others to join the mission and vision

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(Autio, 2017). While moving to the startup level to the transition level, the entrepreneur
company fives the following results:
 Business model found
 Product/market fit
 Repeatable sales model
 Hiring of manager
Transition state: The transition state defines the Adult stage of the company. The stage where
the entrepreneur seeks independence, this is the phase where the organization seeks to move to
the prime stage of stability. Only when a business is stable can rise to the next stage (Phillips et
al., 2015). This results to –
 Cash-flow breakeven
 Profitable
 Rapid scale
 New senior management
The company: This the last stage of the entrepreneurship where the company Is in the prime
and mature phase.
The Core Stages of the entrepreneurial life cycle are:
1. Business opportunities: It depends on the following factors –
1. Opportunity made
2. Market Industries and team
3. Porters five forces and NUF (new useful and feasible)
2. Ideation and testing
From the point of searching to the execution point
1. Discovery of the customer
2. Validation of the customer
3. Customer creation
4. Building a company
3. Business model generation

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The Business Model Canvas
Key Partners
 Students
are the
key
partners
 University
and Book
suppliers
are the
key
suppliers
 Various
books are
the key
resources
 The
partners
helps in
generatin
g new
ideas for
making
and
printing
books
Key
Activities
 The value
propositio
ns
requires
enormous
and
adequate
knowledg
e that can
be
communi
cated
through
books
 The
universiti
es and
colleges
helps in
distributin
g
 The Book
shops
helps in
generatin
g the
stream
Value
Proposition
 The
business
delivers
enormous
knowledg
e from
the books
to the
customer
s
 The
business
is helping
to solve
illiteracy
and
making
people
aware
regarding
the way
of leading
life
processes
 The
business
is offering
the books
and ways
to
become
an
entrepren
eur by
following
simple
business
model
 The
business
is
Customer
Relationship
s
 The
customer
segment
expects
to deliver
the best
way for
becoming
a
successfu
l
entrepren
eur by
having
proper
knowledg
e
Customer
Segments
 We are
creating
value for
the
students
and for
those
people
who want
to
become a
successfu
l
entrepren
eur
Key
Resources
 Our value
propositio
ns require
suitable
supply of
books,
knowledg
e and
innovatin
g ideas
for
business
Channels
 Many of
the
customer
s wants
online
platform
to get the
desired
services
and some
customer
s through
books

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generatio
n
 The
distributio
n channel
partners
require
suitable
way
through
offline ad
nine to
communi
cate with
the
customer
s
satisfying
customer’
s needs of
adequate
knowledg
e for
being an
entrepren
eur
available
at various
universiti
es
 The
online
platform
delivers
the best
way to
assist the
customer
s
 These
ways are
getting
integrate
d with the
customer
s by
social
media
sites and
online
universiti
es library
portal
Cost Structure
 The most important cost in the
business is involved with the
publishing and promoting of the
books and services to make it
reach to that customers
 The key resources like online
universities portal are
considered as to be little costlier
 The off-line arrangement of
classes are costlier activities
Revenue Streams
 The customers are willing to ay
to get desired successful
knowledge for being an
entrepreneur
 They currently pay for getting
knowledge with the help of
books
 They are currently paying for
getting services offline and
online
 Each revenue stream continues
to generate fund for the firm via
online and offline modes

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Figure: John Mullins business model
4. Resource Acquisition
Means financing the company
1. How to start
2. How to keep going
3. how to grow
 Management and execution
According to Kaplan and Norton, there are four type of processes-
1. Operation management Processes
2. Customer Management processes
3. Innovation processes
4. Regularity and social processes
Concepts of identification and assessment of business opportunities
Concepts of identification and assessment of business opportunities includes concepts of
business models, applications of technology, business model innovation, disruptive innovation
and disruptive technologies. The business model innovation helps in developing creative
business model. Whereas, Innovation techniques and methods describes effective techniques and
methods to execute, select and ideate solutions (Eckhardt, Ciuchta and Carpenter, 2018).
However, managing the entrepreneurial journey that demonstrates the stages of entrepreneurial
life cycle. Meanwhile the entrepreneurial skills presents the critical skills that helps in becoming
a successful entrepreneur. Mullin’s Seven Domains business model is helpful in exploring the

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influence of seven major domains or factors on a planned venture. The seven domains are, macro
level or market domain: market attractiveness and sector market attractiveness and benefits,
macro level or industry domain: Industry attractiveness and sustainable advantage, team domain:
Propensity, aspirations for risk, ability to execute on critical success factors and Connectedness
up and down across the value chain (Maritz and Donovan, 2015). These seven domains provides
with the significant questions in the assessment of various market opportunities. The questions
are as follows: Is the market attractive? Does the opportunity provides customer benefits? Does
the team fulfill the promises that are committed to the customers?
The concepts, frameworks and tools for turning ideas
The concepts, frameworks and tools that helps in turning the ideas into services or products are
business opportunities, testing and ideation, generation of business model, acquisition of
resource and execution and management. The business opportunities based on design thinking
provides inspiration, the innovator’s method focuses towards the insight problem and innovation
and creativity tools presents mind mapping, visual thinking and customer journey (Garud,
Gehman and Tharchen, 2018). According to John Mullins a concepts, frameworks and tools
could be turn into services or products if the operating systems are executed correctly. If this
happen once than they can create it and sell it as a product instead of service. When this process
takes place than it becomes increasingly scalable for example, Microsoft generated the values of
its shareholders. As per Mullin’s it is significant to focus upon the needs of the customer’s
segmentation that is a good opportunity to develop a good business (Kraus, Ribeiro-Soriano and
Schüssler, 2018). This strategy helps in turning the concepts into services or products based on
the responses of the customers. He states the fact that customers could help in the process of
funding into the businesses. It demonstrates the response of the customers that makes it easy to
implement the frameworks and tools to convert them into products or services.
Effectuation and stages for funding a start-up
The theory of effectuation focuses towards the logic of experts for entrepreneurs in facing with
the uncertainty of initial stage of the entrepreneurship. Effectuation logic puts challenges on
management of traditional business logic. John Mullin’s states the fact that artifacts of initial
stage entrepreneurs such as customers and markets are rarely well-defined and well known. It
happens at the time while targeting new or non-existing customers (Eftekhari and Bogers, 2015).

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The products or services are created by the entrepreneurs as per the situations of extreme
uncertainty. John Mullin’s used the concept of customer funding for funding a start-up venture.
According to him customers play a significant role in funding a new venture. The first stage is
match-maker model where the buyers are connected with the organization. The second stage is
pay in advance the customers could simply pay in advance for the products (Schaltegger,
Lüdeke-Freund and Hansen, 2016). The third stage is scarcity model where the business could
restrict the quantity and time for the sale of the products.

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Conclusion
The paper demonstrated the lifecycle of the entrepreneur John Mullins based on the concepts
described in the course. It provided with the analysis of its concept that is carried out within the
course. It discussed the concepts that are based on the stages of John Mullin’s lifecycle. It is
observed that the stages helps in providing various business opportunities in order to start a new
venture. It also focused execution and management, acquisition of resources, generation of
business models, testing and ideation and business opportunities. It can be seen that customers
helps in funding a start-up business through various stages.

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References
Autio, E., 2017. Growth of Technology‐based New Firms. The Blackwell handbook of
entrepreneurship, pp.329-347.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability(pp. 34-42). Routledge.
Eckhardt, J.T., Ciuchta, M.P. and Carpenter, M., 2018. Open innovation, information, and
entrepreneurship within platform ecosystems. Strategic Entrepreneurship Journal, 12(3),
pp.369-391.
Eftekhari, N. and Bogers, M., 2015. Open for entrepreneurship: how open innovation can foster
new venture creation. Creativity and Innovation Management, 24(4), pp.574-584.
Garud, R., Gehman, J. and Tharchen, T., 2018. Performativity as ongoing journeys: Implications
for strategy, entrepreneurship, and innovation. Long Range Planning, 51(3), pp.500-509.
Kraus, S., Ribeiro-Soriano, D. and Schüssler, M., 2018. Fuzzy-set qualitative comparative
analysis (fsQCA) in entrepreneurship and innovation research–the rise of a
method. International Entrepreneurship and Management Journal, 14(1), pp.15-33.
Kuratko, D.F., Hornsby, J.S. and Hayton, J., 2015. Corporate entrepreneurship: the innovative
challenge for a new global economic reality. Small Business Economics, 45(2), pp.245-253.
Lee, C., Hallak, R. and Sardeshmukh, S.R., 2016. Innovation, entrepreneurship, and restaurant
performance: A higher-order structural model. Tourism Management, 53, pp.215-228.
Linton, J.D. and Solomon, G.T., 2017. Technology, Innovation, Entrepreneurship and The Small
Business—Technology and Innovation in Small Business. Journal of Small Business
Management, 55(2), pp.196-199.
Maritz, A. and Donovan, J., 2015. Entrepreneurship and innovation: Setting an agenda for
greater discipline contextualisation. Education+ Training, 57(1), pp.74-87.
Phillips, W., Lee, H., Ghobadian, A., O’Regan, N. and James, P., 2015. Social innovation and
social entrepreneurship: A systematic review. Group & Organization Management, 40(3),
pp.428-461.

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Schaltegger, S., Lüdeke-Freund, F. and Hansen, E.G., 2016. Business models for sustainability:
A co-evolutionary analysis of sustainable entrepreneurship, innovation, and
transformation. Organization & Environment, 29(3), pp.264-289.