Entrepreneurship For The New Senior Management: John Mullins’ Lifecycle And Stages

John Mullin’s lifecycle

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 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.

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”.

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).

Analysis of its Experiences

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.

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 (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 –
2. Opportunity made
3. Market Industries and team
4. Porters five forces and NUF (new useful and feasible)
5. 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 

1. Business model generation

The Business Model Canvas

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 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 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?

Stages of Entrepreneurial lifecycle

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.

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). 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.

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.

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.

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.

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