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